by Calculated Risk on 3/31/2008 10:01:00 AM

From Bloomberg: New York City Real Estate Market Slows as Wall Street Cuts Jobs

New York City's residential real estate market is showing the first signs of fallout as U.S. banks and securities firms cut the most jobs in seven years.

Manhattan apartment sales fell in January and February from a year earlier and new properties came to the market at the fastest pace since at least 2000 ... Transactions slid 6.4 percent to 3,250, while the number of condominiums, co- operatives and townhouses for sale at the end of last month climbed to 6,225, 15 percent more than at the start of the year.

With sales falling, and inventory rising, price declines will follow.