July 2026 Manhattan Condo Sales: Broad Market Returns to Balance as Luxury Prices Fall Despite Tight Inventory
Condo sales in Manhattan continued to outperform in July, with demand running high across all four submarkets and the Upper East Side leading the way. But sellers turned notably less committed, pulling listings well above the historical pace. Combined with a thin month of new supply, that pushed inventory down to 6.9 months, moving the broad market back to balance after a spring spent in buyer’s territory. The price recovery has stalled, though: after briefly crossing above the 2017 baseline in May, prices turned lower, dragged down by Midtown and the Upper West Side.
The luxury segment ($5M+) is telling a stranger story. Contract activity remains well ahead of its historical pace for the year, though the monthly outperformance has flattened, and inventory stays very tight outside Midtown. Yet luxury prices have fallen every month since February, slipping back below the 2017 baseline, led by declines in the Upper East Side and Upper West Side, even as demand there stays strong.
In the broad market, supply is doing the work. In luxury, inventory is scarce and prices are falling anyway, a sign that something other than supply is setting the price now.
Watch the full Sales Briefing above for the complete breakdown by submarket.
A macro view of the Manhattan condominium market, produced monthly by Javier Ginés.