What's happened
Cash sales reach record high in Manhattan real estate market as mortgage rates soar.
Why it matters
The surge in cash sales reflects the impact of sky-high mortgage rates, particularly in the luxury market, and signifies a significant shift in buying trends, especially for deep-pocketed homebuyers.
What the papers say
The New York Times reports that cash sales in Manhattan made up 67.9% of transactions, reflecting the impact of sky-high mortgage rates. Axios highlights the surge in cash sales, particularly in the luxury market, and the impact of falling mortgage rates on the number of sales to 'mere mortals' who need a loan.
How we got here
The surge in cash sales comes amidst soaring mortgage rates, which have had a direct impact on buying trends, especially in the luxury market.
More on these topics
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New York is a state in the Northeastern United States. New York was one of the original thirteen colonies that formed the United States. With more than 19 million residents in 2019, it is the fourth-most-populous state.
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Manhattan, often referred to by residents of the New York City area as the City, is the most densely populated of the five boroughs of New York City, and coextensive with the County of New York, one of the original counties of the U.S. state of New York.