Real Estate
Manhattan Home Sales Unexpectedly Rise as Buyers Cave on Rate Cuts
- Closings of apartments climbed 12.2% in the second quarter
- Buyers may be looking to enter market before Fed starts easing
Manhattan home sales rose for the first time in two years as impatient buyers who had been waiting for interest rates to fall took the plunge.
Closings of co-ops and condos spiked 12.2% in the borough in the three months through June from the same period in 2023, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. While the median price of $1.18 million in the quarter dipped slightly from a year earlier, it was still hovering near a record since rates soared in mid-2022.