Number of apartment contracts signed in Manhattan per month

Manhattan's contract market, which ran ahead of last year for most of 2026, lost nearly all of its lead in September. The month ended with 569 condo, co-op, and condop contracts, down 23% from 742 in September 2025 and the second-weakest September in five years. Activity has slipped every month since June, when 1,070 contracts made it the strongest June in five years, and year-to-date contracts now stand at 7,777, just 0.2% ahead of the 7,762 signed through September 2025, down from a 2.7% lead a month earlier.

Condos led the decline, falling 29% year over year in September, from 344 to 245 contracts, which cut their year-to-date gain to 1.6%. Co-ops dropped 19% for the month and are now 2.9% behind last year's pace, while the much smaller condop segment remains a bright spot, up 34% year to date, from 236 to 316 contracts.

Early October figures point to some improvement. Through Oct. 25, contract activity is running about 7% behind last year's pace, a narrower gap than September's, with co-ops roughly back to their 2025 level while condos continue to lag.