A shortage of luxury apartments in Manhattan is causing a surge in prices at the top of the market, even as broader apartment sales and prices come under pressure from rising mortgage rates.
Manhattan apartment sales fell 23% in the third quarter as rising interest rates squeezed potential buyers, according to new data from Douglas Elliman and Miller Samuel.
Median and average sales prices remained flat, with the average price of a Manhattan apartment stalled at $1.96 million and the median price at $1.15 million.
The inventory of luxury apartments for sale marked their lowest third quarter in five years.
Median prices for luxury apartments have increased in three of the past four quarters, according to Miller Samuel.
Persons:
Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Serhant
Organizations:
United Nations, —
Locations:
New York, Manhattan