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Manhattan Luxury Resales Continued to Slow in November

Overall market did better, with a slight uptick in median price from a year ago

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Median resale price of Manhattan luxury properties declined 5.7% in November year-over-year.

Artem Vorobiev/Getty Images
Median resale price of Manhattan luxury properties declined 5.7% in November year-over-year.
Artem Vorobiev/Getty Images

The Manhattan luxury resale market continued to soften in November, with the median price declining 5.7% year-over-year, according to StreetEasy data compiled for Mansion Global.

In November, the median resale price of luxury properties fell to $3.15 million, down 0.7% compared with the previous month. StreetEasy, the New York-based real estate portal owned by Zillow, defines luxury as the top 20% of the market.

Annual price growth for the luxury segment started slowing in May 2014, according to StreetEasy.

More:In 2016, Manhattan Luxury Homes Fall Short of ‘Golden Years’

The overall resale market in Manhattan fared slightly better, with the median price rising to $979,791, up just 0.5% from a year ago. The pace of price growth was the slowest for Manhattan since January 2011, according to a separate StreetEasy report released Thursday.

In the overall market, resale prices in Upper Manhattan grew at the fastest pace among submarkets in the borough, at 5.9% year-over-year. Downtown and the Upper East Side, two of the hottest markets in the past couple of years, each dropped 0.6%.

More:Prediction: Manhattan Resale Price Will Grow Just 0.6% in 2017

Brooklyn fared better than Manhattan in terms of price growth. November’s median resale price increased 3.6% year-over-year to $562,663. The Prospect Park area recorded the biggest price hike, rising 15.9% from a year ago to $881,672 and surpassing North Brooklyn as the most expensive area in Brooklyn.

New York Resale Markets in November
Area Median Price Y-O-Y change
Manhattan Luxury $3.15 million -5.70%
Manhattan overall $979,791 +0.50%
Downtown $1,212,793 -0.60%
Midtown $853,301 +1.10%
Upper West side $1,056,424 0.00%
Upper East Side $978,725 -0.60%
Upper Manhattan $633,144 +5.90%
Brooklyn Overall $562,663 +3.60%
North Brooklyn $859,236 -2.80%
Northwest Brooklyn $846,686 +3.70%
Prospect Park $881,672 +15.90%
South Brooklyn $422,259 +5.30%
East Brooklyn $474,388 +0.50%
Source: StreetEasy

It seems that potential buyers, who held off on entering the Manhattan market, may have turned to rental instead. In Manhattan, median monthly rent reached $3,245 in November, increasing 1.9% over the same period last year. Meanwhile, Brooklyn’s median monthly rent rose 0.9% year-over-year to $2,870.

Write to Fang Block at fang.block@dowjones.com