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Elliman Report: Manhattan Sales 2Q 2015

After leveling off in the prior quarter, Manhattan housing prices resumed their upward ways as inventory growth stalled. For the fourth consecutive quarter, the number of sales fell from prior year levels indicating that the pent-up demand unleashed on the market in 2013-2014 has been fully absorbed. Key market drivers this quarter continued to be a strong local economy led by employment gains, the highest average Wall Street bonus per person since 2007, a booming tech sector, tight credit conditions, low inventory and low mortgage rates…

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