Contract Activity Slows After July 4th as Brooklyn Inventory Rebounds and Manhattan Tightens Further

Following the July 4th holiday, New York City’s residential market saw a slowdown in contract activity, particularly in Brooklyn, while supply trends diverged across the boroughs. Brooklyn inventory rebounded, with a noticeable uptick in new listings, while Manhattan inventory continued its six-week decline, tightening further.

In Manhattan, 190 contracts were signed—a 19% drop from the previous week, but still 9% higher than the same time last year, pointing to steady summer demand despite tighter supply.

In Brooklyn, 87 contracts were signed, down 36% both week-over-week and year-over-year, signaling a more pronounced post-holiday pause.

Though listing activity rose in both boroughs compared to the previous week, total supply remains lower than this time last year. With pending sales down for the second week in a row, the market appears to be settling into a quieter mid-summer stretch, setting the stage for a potentially more active fall.

With most spring contract lag time now behind us, the market has fully entered the summer phase. This week, the Elegran NYC Consumer Sentiment Index remained 15% above its seasonal average, reflecting steady underlying demand despite slower weekly deal volume.

Manhattan Supply

Active listings declined for the sixth week in a row, now totaling 6,816 homes, marking a 1.25% weekly drop. This is the second time supply has dipped below 7,000 since mid-April. However, 277 new listings came online—a 48% increase from the previous week, though still 2% lower than the same period last year. The uptick likely reflects post-holiday listing activity catching up.

Data courtesy of UrbanDigs

Brooklyn Supply

Brooklyn supply ticked up slightly to 3,450 homes, ending a two-week decline. 168 new listings hit the market—up 31% from last week, but still 9% lower year-over-year. As mid-July sets in, the market is following a typical summer rhythm: fewer listings than last year and a more deliberate pace of activity, with buyers and sellers adjusting expectations ahead of the fall season.

Data courtesy of UrbanDigs

Manhattan Pending Sales: Pending sales in Manhattan fell 0.7% to 3,433. This marks the second consecutive weekly decline since mid-February, suggesting that this season's peak in pending activity may have passed.

Brooklyn Pending Sales: Brooklyn also saw a decline in pending sales, down 0.4% to 2,228—the second consecutive weekly dip since late February, further suggesting a plateau in buyer activity for the summer months.

Manhattan Consumer Sentiment

Manhattan saw 190 contracts signed, a 19% decline from last week, though still 9% higher year-over-year. The Elegran Manhattan Consumer Sentiment Index rose from -5 to 6, reflecting a seasonal summer adjustment and continued buyer interest in a low-supply environment.

Brooklyn Consumer Sentiment

Brooklyn recorded 87 contracts signed, down 36% from the previous week and also 36% lower than the same week in 2024. The Elegran Brooklyn Consumer Sentiment Index declined from +64 to +22, though overall interest remains concentrated in high-demand submarkets.

New Development Insights 

Marketproof reported that 35 new development contracts were signed in 27 buildings this week. The following buildings were the top-selling new developments of the week:

• One11 Residences (Midtown), and The Greenwich By Rafael Vinoly (Financial District) each signed 4 contracts

• 505 W 43 (Formerly Charlie West in Clinton), and 608 Ocean Ave (Prospect Park South) each signed 2 contracts.