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Manhattan apartment sales spike

…There were 3,837 sales in the third quarter, up 30% from the same time last year, according to a report by brokerage Douglas Elliman and appraisal firm Miller Samuel Inc….

…”There was a spike in mortgage rates mid-May, and that got people off the fence and into the market out of concern for rising rates,” said Jonathan Miller, CEO of Miller Samuel….

…The median price dipped 2% to $872,000 in the third quarter, according to the Elliman/Miller Samuel report….

… Additionally, the sale of smaller apartments and co-ops kept median sales prices down during the quarter, Mr. Miller said.

Inventory continued to dwindle in the third quarter reaching a record low of 4,567—its lowest level since Miller Samuel began tracking the figure roughly 13 years ago. The declining inventory is partially due to existing homeowners who would like to buy bigger apartments but can’t trade-up so they are holding off on putting their current apartment up for sale, Mr. Miller said….

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