Newly signed home purchase contracts fell across New York in June, as high mortgage rates dampened the housing market across the country, according to a report on Thursday by appraiser Miller Samuel and brokerage Dougla♑s Elliman Real Estate.

In the Manhattan co-op market, contracts fell 11.1% year-over-꧑year, dropping to 466 from 524 in June of last year. 

High mortgage rates andꦅ record-breaking rent🐟s are dampening market movement in what would typically be months of peak activity.

Listings dropped month-over-month, falling to 605 from 779. 🎐Listings fell 29.5% year-over-yea♊r.

In the condo market, contracts fell 11.1% yea☂r-over-year. Listings fell 26.5% year-over-year. 

Among all condo and co-op sales ෴in Manhattan, the median sales price rose 11.6% in the second quarter to $1.2 million, up from $1.075 million in the first quarter. The median sales price fell 4% year-over-year. 

Listing inventory grew 10.3% over the first quarte🔴r, but fell 3.1% year-over-year. The market finished thꦆe quarter with 10 months of supply, up 6.4% from the first quarter. 

Brooklyn Signed Contracts fall

In Brooklyn, newly signed contracts fell🅺 at their fastest rate this year on a month-over-month basis as 115 new contracts were signed in the co-op market, down from 135 in May. They dropped 19% year-over-year. Listings also fell in the Brooklyn co-op market, dropping 22.7% year-over-year. 

In the Brooklyn condo m𒁏arket, new contꦜract signings fell 15.7% year-over-year, dropping to 182 contracts from 216 in June of last year. New listings also fell, dropping 27.8% year-over-year.

Long Is𓃲land Activity Picks Up on a Monthly Basis

In Long Island, excluding the Hamptons and North ♎Fork, newly signed contracts fell 15.4% year-over-year in the single-family market. On a month-over-month basis, contracts grew in the single-family market in Long Island, jumping to 1,786 from 1,729 in May. 

Newly signed contracts are still below last year's levels. Still, the rate of decline among newly signed contracts was the lowest seen since last summer. 

Listings also dropped 32.7% year-over-year.

Hamptons Signed Contracts Fall

In the Hamp💟tons, newly signed contracts fell, dropping to 54 from 87 in May.  Newly signed contracts in the single-family market fell 27% year-over-year, while new listings dropped 13% from June 2022. 

According to Miller, listings have fallen sharply on a year-over-year basis since February.