Manhattan apartment sales fell 18% in the third quarter, as rising mortgage rates and declining stock markets put the brakes on New York's real estate comeback.
"The boom in Manhattan has been interrupted," said Jonathan Miller, CEO of Miller Samuel, a appraisal and research firm.
Many brokers, however, say sales are likely to decline further, as the stock market declines and rising mortgage rates continue to take a toll. Signed sales contracts for September fell 29% compared to a year ago, according to Miller Samuel and Douglas Elliman. Since signed contracts are an indicator for future quarters, sales in the fourth quarter are also likely to show a drop.
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