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The tide is out for Manhattan’s luxury housing market.

There were only nine contracts signed for homes asking $4 million or more in Manhattan last week, according to the weekly Olshan Realty report released Monday. That’s 16 fewer than the prior week and the lowest since September 2023 eight contracts were signed.

“My feeling is, it’s a low-tide week and we get those in the summer,” said Donna Olshan, founder of Olshan Realty.“I have low expectations for August and even lower for September; the third quarter is always the worst quarter of the year.”

The largest of those nine deals made up one-third of the $79.8 million in asking volume that went into contract last week. That was for a seven-bedroom penthouse asking $24.7 million at 255 East 77th St. on the Upper East Side, a boutique condominium building by Robert A.M. Stern Architects. The 5,500 square-foot unit features a great room with high ceilings, arched windows and an additional 358 square feet of covered outdoor space with views of Central Park.

The second-largest deal was for the only townhouse that sold last week. The five-story Neo-Georgian mansion on East 61st Street in Lenox Hill was asking $8.75 million, down from an initial ask of $10.995 million when it listed in August 2023. It spans over 9,500 square feet and is legally mixed-use, with living as well as office space, plus a rental unit on the top floor.

The median asking price last week was $7.2 million, and the median discount was 11% from initial ask.

The slow week is likely a blip, but it could also be a sign of a prick in the balloon given the volatile economic landscape, Olshan said

“Overall [the luxury market] has over-performed in the middle of titanic tariffs, two big wars going and general global disruption,” she said. “It’s a lot. But the rich are still rich, and they still love New York.”