Manhattan's real-estate market has come crashing back to earth.

Sales of units in newly constructed buildings dropped 67% in the first quarter, and closings slid 52% compared with a year earlier. Inventory climbed 29% to 12,336 listings in March, the highest level in more than eight years, according to a report by real-estate brokerage The Corcoran Group and

Reports due out Thursday provide more evidence. Real-estate site says that more than a third of listings shaved prices in the first quarter, with the average cut topping 9%.

Wall Street Journal