Real Estate Market in NYC Hammered by Pandemic

The number of contracts signed for apartments in June, the latest indicator of buyer appetite, was down 76 percent, compared to the same time last year... More than 90 percent of the sales recorded in the second quarter were actually signed before the virus gripped New York in March, said Bess Freedman, the chief executive of the brokerage Brown Harris Stevens.

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Several agents have said that units in larger buildings have been a particularly hard sell, because of concerns over crowded elevators and shared lobbies. And even though state guidelines no longer prohibit in-person showings, some buildings have not relaxed their rules and are still refusing to allow move-ins or apartment showings.

There may be more lasting changes in the months to come. The share of all-cash buyers dropped to 41 percent, down from an average of about 50 percent over the last several years, Mr. Miller said. That could have major implications for the luxury market, which had been propped up by investment buyers who typically bought without financing.