Manhattan Home Prices Rise in Early Sign of a Market Rebound
- Falling mortgage rates likely to entice more buyers, sellers
- Fourth-quarter price gain was the first in more than a year
Manhattan home prices rose for the first time in more than a year, as surging high-end sales propelled the market and lower mortgage rates set the stage for a broader recovery in 2024.
Purchases closed at a median of $1.16 million in the fourth quarter, up 5.1% from a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the first annual increase since the third quarter of 2022, the firms’ data show.