Brokers said the modest rebound in sales reflected sellers' willingness to abandon their dreams of outsize profits in the face of buyer resistance. Luxury apartment prices rose sharply in 2014 and 2015, but have since stagnated at lower levels. Examples of steep discounts abound in the rarefied luxury market. But many apartment prices were down 10% to 20% over the last two years, particularly among co-ops, Mr. Henckels said. When the luxury market slowdown began in 2016, brokers blamed it on political uncertainty.

Source: Wall Street Journal August 20, 2018 13:07 UTC