All Manhattan price indicators showed robust
gains from the prior year quarter, largely driven by
low inventory and higher than average demand.
Manhattan continued to benefit from unusually
high employment growth, low mortgage rates
and an above average amount of international
buyers. Concerns going into 2015 include the
potential for somewhat higher mortgage rates
and a stronger U.S. dollar that could temper
foreign demand. High-end new development
closings have gained momentum and are
expected to skew overall housing prices higher
over the coming year, similar to the development
cycle observed in the prior decade…