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Sales heat up in Q3 despite ever-tighter inventory squeeze

…Listing inventory fell to its lowest level since appraisal firm Miller Samuel began tracking it in 2000….

…This is a 22 percent increase over the prior quarter and a 30 percent increase from the prior year, according to Douglas Elliman’s report, which Miller Samuel prepared….

…“The expectation of higher mortgage rates pushed an unusual number of consumers into the market,” said Jonathan Miller, president of Miller Samuel.

These buyers, whom Miller termed “fence-sitters,” rushed in with sights set on co-ops and one-bedroom apartments….

…These days of bare-bones inventory signify the end of the transition from the last boom to the start of a wave of new developments, expected to break out next year, Miller said….

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