The late summer heat typically drives buyers out of the city and broker commissions down, but this year it's driving buyers crazy with bidding wars and high property numbers.
In August, 428 contracts were signed in Manhattan, representing an 18 percent increase year-over-year, signaling a strong recovery for the real estate market.
The spring market was underwhelming, with contract signings down over 8 percent year-over-year, particularly in Manhattan, which saw over an 11 percent decline.
July marked a breakthrough for the New York market, with renewed optimism about a possible rate cut from the Federal Reserve helping to spur activity.
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