Manhattan apartment sales surged in the fourth quarter, setting a record for year-end transactions, as the prospect of rising interest rates and prices pushed buyers to make deals before purchases became costlier.
Manhattan apartment sales jumped 19 percent in the third quarter from a year earlier, reaching the second-highest level since 2008, as the city’s job market stabilized and mortgage rates fell to record lows.
Andy Queen and his wife have been apartment renters in Manhattan since selling their home in 2006, when prices were climbing to their peak. They jumped back into the buyer’s market this year after their landlord sought a 16 percent increase to their monthly payments.
Manhattan apartment sales dropped 7.2 percent in the fourth quarter, returning to historically normal levels after government tax credits helped push transactions to a two-decade high for the period a year earlier.
Manhattan apartment sales jumped in the third quarter, buoyed by deals at the high and low ends of the market, as foreign investors drove demand for condos and entry-level buyers took advantage of record-low mortgage rates.