BY GRANT LANCASTER
The rate of homes sold at a loss in New York City rose to nearly 10% last year, according to a report by StreetEasy.
Selling real estate in the city continues to become more of a risk, with prices declining for the third consecutive year, according to the report.
In Manhattan, the ratio was even worse, with 15% of homes selling at a loss in 2019, nearly doubling from 8% the year before. The same year, prices fell at the fastest year-over-year rate on record, contributing to the slump. More than 30% of homes in Midtown and the Financial District sold at a loss last year.
The median amount of money lost is also on the rise, up to $76,078 in 2019 from $72,426 the year before.
StreetEasy reports that condominiums are more likely to sell at a loss than co-ops, with the 14% rate of condos sold at a loss about double that of co-ops.
Brooklyn listed the best rate of the five boroughs, but the rate of homes sold at a loss still crept up from 5.6% to 6.2%.
The study was conducted before the emergence of COVID-19, but StreetEasy officials expect the trend to continue going forward, with January and February of 2020 showing just over 19% of homes sold at a loss.
Read the full report at streeteasy.com.