Newly signed contracts fell in much of the New York City area lasꦇt month, aside from a pickup in signings in parts of Long Island, accoꦰrding to a report on Friday by appraiser Miller Samuel and brokerage Douglas Elliman Real Estate.

New contract signings for homes in Manhattan fell for the first time in three months, while new listings increased for the fourth month in a row. At the end of May, 528 new contracts for co-ops were signed in Manhattan, down from 671 the same month last year, a 23.1% decline. 

High mortgage rates and elevated prices are keeping would-be homebuyers in New York out of the housing market, similar to most parts of the U.S. right now. As more people are pushed out of the purchasing market, rents are breaking recor꧂ds in New York, with more rꦫenters choosing to resign their lease with hopes of keeping a lower rent. 

Listings fell for the first time this year, and were down 18.3% year-over-year. 779 new listings were put onto the co-op market in May, down from 933 in April.

Newly signed contracts for condos increased in Manh꧅attan, jumping to 364 in May from 304 in April. 

Brooklyn Contracts Fall

In Brooklyn, new contracts rose for the third time in four months and were down 23.7% from May of last year, with 135 new 🍌co-op contracts signed, compared with 177 from the same time one year ago. 

New listings saw a mod🔯est decrease, falling to 192 in May from 217 in April. 

For condos in Brooklyn, new contract signings grew to 244 from 159 in April. They were down 18.4% year-over-year. N♊ew condo listings fell to 278 from 284 in April. 

Contracts Pick Up in Long Island

Across Long Island (excluding Hamptons and North Fork), newly signed contracts for single-family homes picked up from April, increasing to 1,729 in May from 1,622 in April. Contract signings were down 24.5% year-over-year. New listings expanded slightly for the fourth month this year, growing to 2,143 from 1,916 in April.

Signings Fall in Hamptons

In the Hamptons, new signed contracts grew for the fourth time this year, jumping to 87 from 67 in April. New l𓃲istings increased for the third t൩ime, jumping to 141 from 90 in April.