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Bidding Wars Wane, Except in Manhattan: Ritholtz Chart

…Jonathan Miller, president of Miller Samuel Inc., said, “the lack of supply is what is driving the housing market, not fundamentals. The dearth of inventory is especially exaggerated in Manhattan.” Miller noted that the top of the market is where new development is entering housing stock….

…Nearly all of Manhattan has gentrified, and this trend is spreading: hence Brooklyn’s rapid price growth. Miller noted that “Queens is the new Brooklyn,” as people seeking affordability are priced out of Brooklyn….

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