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As Manhattan's residential sales inventory continued to plunge in the past three months, dropping to its lowest level in 13 years, sales took off in the opposite direction, with buyers determined to make their move before mortgage rates and home prices commence the inevitable tandem escalation experts have predicted.
In August, it lost and the inventory continued.
"Steady decreases in inventory, continued increases in median price, and a rising interest rate all contributed to this month's numbers," said Sharon Voss, an agent for Watson Realty Corp.
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Existing-home inventory continues to decline.
Inventory continues to hover below peak levels.
The pressure has been building over several months as inventory continues to drop and demand grows.
And additional volunteers will be trained in the fall, when the inventory continues.
Home prices in Prince George's have been climbing and inventory continues to be tight, so for first-time buyers, a foreclosure may be the most-affordable option.
"We're hitting a point where it's getting critical," Mr. Miller said, adding that if inventory continues to be tight, "you're going to see the prices edge higher".
Indeed, as inventory continues to bloat (there are more Manhattan listings than at any time since Miller Samuel, the appraisal and consulting firm, began tracking them in 1999), wallflowers are left wondering whether it would have been better to have gone directly to auction.
Pretty well, considering that inventory continues to grow at a rapid pace.
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