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Elliman Report: Manhattan Sales 4Q 2014
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…
