Manhattan Market Intelligence

This past weekend marked a historic moment when President Joe Biden announced he would end his bid for reelection, with only 14 weeks remaining before the election. Shortly after, he endorsed Vice President Kamala Harris for President, who has now gained enough delegates to secure the party’s nomination at the Democratic National Convention next month. While most of you are likely aware of this by now, I thought it was worth examining—although I generally try to steer away

In June, prices decreased for the first time since the pandemic began, leading to a 0.1 percent reduction in inflation . This marked the first monthly decline in prices since May 2020 and brought the annual rate of inflation to its lowest level since March 2021. The Consumer Price Index (CPI) drop slowed the annual rate of inflation to 3 percent, down from 3.3 percent in May. If this downward trend continues, the Federal Reserve may be closer to cutting the federal funds rat

Last week’s release of the Q2 2024 Manhattan Market Report highlighted an increase in inventory. It appears Brooklyn is following a similar trend, particularly with townhouses. As of mid-June, nine townhouses were on the marke t, collectively asking over $100 million, with the highest listed at $18 million. Jonathan Miller, CEO of Miller Samuel, describes this as “highly unusual, especially in a market with relatively limited supply.” Home prices have surged, with the averag

I’m sending today’s email a day early due to the 4th of July holiday tomorrow and wanted to share some highlights from the Q2 2024 Manhattan Market Report , released yesterday, before next Thursday’s email. In short, we’re seeing a modest upward shift in apartment closings and inventory. Apartment prices, however, fell 3 percent from a year ago, averaging just over $2 million—nearly 6 percent up from the previous quarter. The price drops result from a rising inventory of ap