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US Lags Globe in Sales Rebound

NEW YORK CITY-The rising tide of property sales hasn't reached these shores yet, RCA's White told a NAIOP New York audience.

By Paul Bubny | Updated on September 24, 2009

NEW YORK CITY-Global property sales in the second quarter rebounded after five consecutive quarterly declines, Real Capital Analytics reported in August, and RCA founder Robert M. White, Jr. said Wednesday that the uptick in volume is continuing as the third quarter winds down. However, White told a NAIOP New York chapter audience Wednesday evening that the US recovery is lagging the global picture.

A case in point is sales in New York City. White said the city ranked at the top of the heap globally for 2007 and fell to second place behind Tokyo in 2008. Year-to-date, it’s in sixth place.

By contrast, London has vaulted into second place YTD on the basis of its sales performance over the past 60 days–even if that surge in volume has been due to deeply discounted pricing; IPD reports a 45% decline off the peak. “The bargain hunters are all over the UK,” White said.

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