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Home Sales Rose in Tighter Manhattan Market, Report Says

…Jonathan Miller, author of the Elliman report and president of the appraisal firm Miller Samuel, said sales were up and inventory was low in the second quarter of the year also, but the third quarter, which ended on Monday, “was like a quarter on steroids: sales surged because the fence sitters rushed to buy before the mortgage rates rose.”

“Buyers were concerned that prices would rise and they’d miss their chance,” Mr. Miller continued….

…With the fence sitters now in motion, and with the flurry of transactions completed, Mr. Miller said he expected inventory to stabilize….

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