Market resilience amid selective buyer behavior: Contract activity increased 1% year-over-year to 908 deals, marking the strongest July performance since 2021, though buyers showed clear price sensitivity with gains concentrated in sub-$1M and $2M-$3M segments

Pricing correction accelerates: Average price per square foot declined 9% annually to $1,729, driven by increased activity in lower price points, signaling a meaningful market recalibration after years of premium pricing

Inventory stabilization creates competitive dynamics: Active listings held steady year-over-year at 6,400 units while negotiability tightened, with average discounts narrowing to -3.4%, indicating balanced but increasingly competitive market conditions

Product type divergence reveals buyer preferences: Co-op contracts surged 5% while condo activity fell 5%, suggesting buyers are gravitating toward more affordable ownership structures amid economic uncertainty

Geographic performance reflects neighborhood fundamentals: Upper East Side, Downtown, and Financial District posted gains while traditional premium areas like Upper West Side and Midtown declined, indicating shifting demographic and lifestyle preferences

Dramatic market contraction signals affordability crisis: Contract volume plummeted 18% year-over-year to 283 deals—the lowest July in nine years—indicating severe demand destruction as pricing outpaced buyer capacity

Pricing pressure creates urgency-driven transactions: Despite lower overall activity, days on market fell 19% to 94 days while 60% of sales occurred at or above asking price, reflecting constrained inventory forcing rapid decision-making

Supply shortage intensifies across all product types: Active listings declined 6% year-over-year to 1,659 units with both condos and co-ops showing inventory constraints, creating upward pricing pressure despite reduced demand

Price appreciation continues despite volume decline: Average price per square foot rose 1% to $1,154, with co-ops leading gains at 13%, demonstrating persistent pricing power even in a contracting market

Geographic divergence highlights development impact: Williamsburg/Greenpoint posted 43% contract increases driven by new development, while established neighborhoods like Carroll Gardens saw 73% declines due to limited inventory

High-end market demonstrates relative stability: Luxury contracts declined only 7% year-over-year to 52 deals while maintaining levels 4% above the 10-year average, showing wealthy buyers remain active despite broader market uncertainty

Inventory shortage drives accelerated transaction timelines: Active listings fell 16% to 804 units while days on market decreased 15% to 182 days, indicating supply constraints are forcing faster decision-making even in the luxury segment

Pricing adjustments reflect market realism: Average price per square foot dropped 8% to $2,992, suggesting luxury sellers are adjusting expectations to maintain transaction velocity in a more selective buyer environment

New development faces significant headwinds: New development contracts declined sharply while resale activity remained more stable, indicating buyers prefer established properties over premium-priced new construction

Ultra-luxury segment maintains transaction momentum: Despite overall market softening, the highest-end properties continue to trade, suggesting wealth concentration among top-tier buyers remains sufficient to support luxury market activity