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Trends from last quarter:
- Second Quarter sees growth in all metrics, in what is typically the busiest time of the year.
- Closed sales in Manhattan were up 2%, signed contracts were up 7% and median price increased 4% year-over-year. Inventory grew 12% but this was from a near historic low figure.
- Overall market fundamentals continue to apply upward pressure on prices continued this quarter.
- Median price increased 4% to $960K during the Second Quarter, reaching its highest level in over six years. Average price increased 8% to $1.814M.
- Annual gain in inventory due mainly to increase in the amount of larger residences.
- After several years of very low inventory levels compared to the historical average, active listings had a notable increase this quarter. Inventory reached nearly 5,800 units during the second quarter, a 12% increase compared to the same time last year.
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