"Listings for high-end condos and co-ops fell 27 percent annually in the first quarter, hitting the lowest level in nearly two decades, according to a report by appraiser Jonathan Miller."
"Inventory in the luxury sector sharply declined late in the first quarter, beginning when the U.S. entered its war with Iran."
"The decline of mortgage rates in recent months sparked a burst of condo and co-op deals at the lower end of the upper half, with a 40 percent increase in deals between $3 million and $4 million."
"Mortgage rates have been on the rise since the war broke out at the end of February, which is expected to impact the spring market."
Luxury home listings in Manhattan decreased by 27% annually in the first quarter, marking the lowest level in nearly two decades. The decline began with the U.S. entering its war with Iran. Overall market listings also fell, with co-ops and condos down 17% and townhouses down over 33%. While inventory at the upper end is expected to rebound, the lower end faces challenges from rising mortgage rates. Recent declines in mortgage rates had previously spurred activity in the $3 million to $4 million range, but future deals may be less robust due to increasing rates.
Read at therealdeal.com
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