Manhattan’s Luxury Market Charges Through August

Title: Manhattan's Luxury Market Surges through August as Mortgage Rates Dip

In August, luxury home buyers in Manhattan have been in full swing, with contract activity for high-end homes exceeding last year's numbers. According to data from Olshan Realty, the number of signed contracts for luxury homes has increased from 60 to 73 over the same period last year. If this trend continues, August is expected to be the third-best month in the past ten years for such activity.

The uptick in luxury home sales can likely be attributed to lower mortgage rates that have dipped to their lowest levels since spring. In the first two weeks of August alone, 428 properties across different price points were signed in Manhattan, marking an 18% annual increase.

Between August 19 and 26, 18 luxury homes with a combined asking price of $264 million entered contracts. The average price for these homes was $14.6 million, with a median of $7.5 million. The typical home spent 803 days on the market and received an average discount of 19%.

The top two most expensive homes to enter contract were the Extell Development's penthouse at 50 United Nations Plaza and 12 East 79th Street, with asking prices of $36 million and $38 million, respectively.