Manhattan apartment prices continued to hover at or near record highs in the second quarter of 2016, but there are signs that the market may finally be turning more favorable for buyers.

Sales reports to be released on Friday by major real estate firms show some signs that the market is cooling off, with sales volume dropping, fewer bidding wars and more listings hitting the market.

The number of closed sales fell 14 percent to 3,434 in the second quarter, compared with the same period last year, according to a report by the Corcoran Group. Contracts signed were down even more for the same period, with 3,287 deals made in the second quarter, a 20 percent drop compared with a year ago.

“We’re seeing the market reset,” said Jonathan J. Miller, the president of the appraisal firm Miller Samuel and the author of a report by Douglas Elliman, which showed the number of resale apartment closings down 9.4 percent to 2,231 in the second quarter compared with a year ago. “We’re exiting the period of euphoria the market experienced for the last several years and entering a market that is closer to long-term historical trends.”