With the cost of debt continuing to rise, cash is king in Manhattan's apartment market as the number of transactions involving mortgages dropped to about a third of the total, an all-rime low.
The average median sales price continues to hover near record levels, notching $1.2M in the second quarter, slightly lower than the $1.25M median in Q4 2022 and a bump up from the Q1 level of $1.075M, according to a new report from Elliman.
"The Manhattan co-op and condo market is nearing the end of price distortions experienced with comparisons to the pandemic-era sales boom," the report said.
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