Manhattan housing prices continued to rise as
additional supply remained inadequate to meet
demand. Bidding wars and a shift toward larger
units applied additional upward pressure to
rising price trends. Sharp gains in New York City
employment, the continued influx of international
investors and low mortgage rates have kept the
market tight. A product of five years of pent-up
demand and the fear of rising mortgage rates,
sales volume fell short of prior year records.
Marketing times and negotiability eased, as the
market downshifted from last year’s frenetic
pace. Luxury market price growth exceeded the
overall market, while new development product
targeted at the luxury segment continued to enter
the market…