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Elliman Report: Manhattan Sales 2Q 2012

…For the past several years and through the second quarter, the overall Manhattan housing market has shown price and sales stability, holding its position as one of the better performing housing markets in the US. The combination of mortgage rates declining to record lows and rents rising as a result of tight credit and rising employment has fueled a surge in entry-level buyers over the past nine months. The market share for new development activity has remained consistent, as much of the former shadow inventory created during the recent housing boom has been absorbed. Economic uncertainty abroad and the weak US dollar brought more foreign buyers looking for an investment safe haven, resulting in a higher frequency of high-end “trophy” transactions…

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