"Sales closed at a greater clip than listings hit the market, marking the third consecutive quarter where transactions outpaced inventory. It's not blazing, but the market is slowly getting faster, said report author Jonathan Miller. Buyers and sellers notched 3,100 deals in the third quarter, marking a 13 percent uptick from the same period last year. During the same time frame, the number of active listings rose 7 percent from roughly 7,200 to 7,700."
"While elevated mortgage rates depressed sales across the country, transactions in Manhattan beat the decade norm. The number of sales was up about 1 percent from the long-term average of 3,030. The borough's median price also increased nearly 6 percent year-over-year to just under $1.2 million. We're seeing falling months of supply and rising sales outpacing that, which is keeping pressure on housing prices, Miller said."
"Mortgage rates began dropping midway through the third quarter, though Miller said the impact of that decline isn't yet evident in the data, given that prices remain high and most sales went to cash buyers. Cash deals accounted for 65 percent of those transactions, with the number of all-cash deals rising 31 percent annually and the number of financed deals declining 9 percent."
Manhattan condo and co-op closings reached 3,100 in the third quarter, a 13% increase year‑over‑year. Active listings rose 7% to about 7,700, yet transactions outpaced inventory for a third straight quarter. The median price increased nearly 6% to just under $1.2 million. Months of supply declined while sales rose, maintaining upward pressure on prices. Mortgage rates began declining midway through the quarter, but immediate effects were muted as 65% of transactions were cash. All‑cash deals rose 31% annually while financed deals fell 9%. Higher‑end buyers were better positioned to handle elevated rates.
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