A report from Douglas Elliman Real Estate reveals that the number of sales closed in Manhattan fell by 18.6% during the third quarter of 2016. Business Insider staffer Akin Oyedele takes a look at the drop in sales as well as the surge in resale inventory which increased by 18% and the number of newly built units which increased by 27%.

The increase in inventory differed from the previous four quarters during which time, the Manhattan markets experienced losses that ranged from 31% to 49% and developers pulled inventory from active to shadow status:

In the luxury end of the market, fewer apartments with "aspirational prices" that would profit from strong buyer demand were listed on the market, shrinking the available inventory in that price range, the report said.

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