"The boom in Manhattan has been interrupted," said Jonathan Miller, CEO of Miller Samuel, a appraisal and research firm.
Many brokers, however, say sales are likely to decline further, as the stock market declines and rising mortgage rates continue to take a toll. Signed sales contracts for September fell 29% compared to a year ago, according to Miller Samuel and Douglas Elliman. Since signed contracts are an indicator for future quarters, sales in the fourth quarter are also likely to show a drop.
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