We expected the lower end of the market to recover first, especially with mortgage rates at record lows. So it shouldn’t be too surprising that some higher prices points are starting to gain back market share as the recovery continues. As you move north of $1 million, there is more inventory and deeper discounts available, which is starting to draw more buyers.
Keep in mind that three months doesn’t necessarily indicate a lasting trend, so we will keep watching this data. The important thing is that the Manhattan apartment market is on the mend, and even though we still have a lot to worry about, we should appreciate how far we’ve come back already.
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