Real Estate Manhattan sales prices dip 4.2 percent over past year, StreetEasy says The drop is the largest annual decline reported by the listings site since it started tracking in 2006. StreetEasy's Manhattan home price index fell 4.2 percent from January 2018 to 2019, the listings site said. Photo Credit: Getty Images/Drew Angerer By Sarina Trangle firstname.lastname@example.org @SarinaTrangle Updated February 20, 2019 5:00 AM Print Share fbShare Tweet Email Manhattan's sluggish sales market has helped the borough's rental market rebound, according to a StreetEasy report slated to be released Wednesday. The listings site said its Manhattan index, which excludes newly developed homes, fell to $1.12 million this January, a 4.2 percent drop from last year and the largest annual decline recorded since StreetEasy began tracking the transactions in 2006. People who under other circumstances may purchase homes in Manhattan are not buying because prices are falling and rising interest rates and tax changes are complicating the environment, according to Nancy Wu, an economic data analyst at StreetEasy. "Northwest Brooklyn and lower Manhattan, which are some of the places with the highest rents, have rents increasing over time — even though they have stagnated in the past when the sales market was doing better. So that shows that people who could otherwise afford to buy a home are choosing to rent in the most expensive neighborhoods instead," Wu said. "A lot of people are just wary of taking that risk, and there's so many good rental apartments on the market right now." Manhattan homes stayed on the market a median of 111 days, with downtown Manhattan listings lingering for a median of 120 days, the longest waiting period since early 2011, according to StreetEasy's January report. That analysis found 14.9 percent of Manhattan homes had a reduced price — 2.9 percentage points more than was the case last January. The company said its rental index for the borough increased 2.6 percent over the past year to $3,204, the fastest increase it recorded since 2016. Fewer transactions involved a concession from the landlord, such as covering the broker's fee or waiving a month's rent, when compared to last January, StreetEasy said. By Sarina Trangle email@example.com @SarinaTrangle Sarina covers real estate and business for amNewYork. She previously reported for City & State NY, The TimesLedger in Queens and The Riverdale Press in the Bronx. Share on Facebook Share on Twitter Comments We're revamping our Comments section. Learn more and share your input.