Newly signed contracts in the New York City area and Southern California dropped in June as high mortgage rates and low inventory dampened the housing market across the United States, according to data released by Douglas Elliman Real Estate and Miller Samuel.

In most areas, contract signings and listin🥃gs fell on a year-over-year basis, according to Jonathan Miller, president of Miller Samuel. 

“The pace of the market is a little bit faster because supply is shrinking faster than contracts are being signed,” Miller said. "So we can make the argument that it's not just mortgage rates being higꦯher, it's als⭕o supply being unusually limited. And this is a national phenomenon for the most part.” 

Contracts, Inventory Down in New York

In Manhattan’s 澳洲幸运5官方开奖结果体彩网:co-op market, newly signed contracts dropped to 323 from 466 in June. Contracts fell 17.4% from one year ago. Newꩲ listings also fell by 27.8% year-over-year, ending July at 428. Listings fell on a month-over-month basis, dropping from 605 the m💮onth before. 

In the condo market, 227 contra🐻cts were signed, down from 345 the month before. Year-over-year condo contract signings fell 32.6%. New listings dropped to 417 from 594 the month before and were down 25.8% on a year-over-year basis. 

In the Brooklyn co-op market, newly signed contracts fell to 93 from 11�💙�5 the month before. New signed co-op contracts were down 25% on a year-over-year basis. New listings fell 50.7% from July of last year. 

In the Brooklyn 澳洲幸运5官方开奖结果体彩网:condo market, there were 121 new contracts s🐭igned, down from 182 in June. On a yearly basis, new contract signings fell 29.7%. New listings fell 34.1% on a yearly basis, ending July ♉at 170, down from 216 in June. 

In Long Island, excluding Hamptons and North Fork, new 澳洲幸运5官方开奖结果体彩网:single-family contracts fell to 1,416 from 1,786 in June. On൲ a yearly basis, contract signings fell 22.2%. Listings also fell 29.7% on a yearly basis. 

In the Hamptons single-family market, contract signings fell to 57 from 54 the month prior. Signings fell year-over-year by 8🅰.1%. New listings also saw a modest drop on a yearly basis, falling 0.8%. 

California Signings, Listings Drop

In the Los Angeles County single-family market, newly signed contracts dropped to 2,094 from 2,392 in June. On a yearly basis, signings fell 20.7%. Single-family listings fell slightly to 1,976 from 2,096 the month before. On a yearly basis, listings fell 38.7%. 

In the Los Angeles County condo market, signings fell to 759 from 828 the month before. On a yearly basis, they fell 16.2%. New l🐈istings fell 31.7% on a y🍒early basis. 

In the Orange County single-family market, 864 new contracts were signed, down from 874 in June. On a yearly basis, signings fell 14.3%. Listings ended the month at 562, down from 637 the month before. 🌱On a year𒆙-over-year basis, listings in Orange County fell 46.5%. 

In the San Diego County single-family꧅ market, 1,059 contracts were signed, down🦂 from 1,120 in June. On a year-over-year basis, contract signings fell 16.6%. There were 712 new listings, down from 799. On a yearly basis, contract signings fell 52%.