Manhattan's second quarter revealed two distinct residential markets. Cash buyers at the high end drove significant increases in sales and prices, with cash transactions reaching a record 69% share. Concurrently, the lower end saw stable prices and modest inventory increases. The market's polarization stemmed from strong financial performance enabling wealthy cash purchases while high mortgage rates restrained financed transactions. Cash deals rose by 23%, while 80% of financed transactions depended on mortgage contingencies. Luxury listings decreased by 21% against a 3% overall increase, underscoring the market's disparity.
In the second quarter, cash buyers dominated Manhattan's luxury market, driving record high cash deals to 69% of transactions, sharply affecting prices and inventory.
The luxury market surged with an 18% rise in closed sales year-over-year, contrasted with a slowdown in the lower market, indicating stark polarization.
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