The contract activity, the number of signed contracts, for the last month is up 12.6% compared to a year ago, and down 12% compared to the monthly historical average.
The Median Sales Price for a Manhattan apartment is $1.15M, which is 2.9% lower than a year ago.
The supply, or the number of units on the market, is down 1.6% compared to May 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 18.7% …
by Riccardo Ravasini
A Henley & Partners study revealed that New York City (NYC) has the highest concentration of millionaires globally. The ranking comes as no surprise, given NYC’s status as the largest city in the United States, boasting a population of over 8 million residents. In comparison, the Bay Area, coming in second globally, has approximately 7.75 million inhabitants. Thus, on a per capita basis, NYC’s lead remains unchallenged.
One noteworthy aspect of this ranking is its contradiction of the prevalent narrative that suggests wealthy …
by Riccardo Ravasini 
Florida dominated the list of fastest-growing metropolitan areas in the United States from 2022 to 2023, with four out of the top five spots.
The area including The Villages and Wildwood saw the highest growth rate at 4.7%, followed by the Lakeland and Winter Haven metro areas at 3.8%. Ocala ranked fourth with a growth rate of 3.4%, while the Port St. Lucie area came in fifth at 3.1%. The only area outside of Florida in the top five was the Myrtle Beach, S.C., area, with a growth rate of 3.7%.
This trend reflects a broader pattern of population …
by Riccardo Ravasini 
Miami is emerging as a frontrunner among major cities in the process of returning to in-person office work, as indicated by a recent report from Placer.ai.
In February, Miami and New York City demonstrated notable trends in the post-COVID return-to-office landscape. In Miami, in-person office visits were down by 9.4% compared to February 2020, while New York City experienced a slightly larger decline of 14.5%.
In New York and Miami, offices drew just 22.5% and 21.9% fewer visits, respectively, in 2023 …
by Riccardo Ravasini 
Currently, the Fed has maintained its benchmark interest rate at a 23-year high to combat inflation, resulting in elevated mortgage rates. This has deterred many potential buyers, especially those with limited funds. Meanwhile, existing sellers, benefiting from historically low mortgage rates of around 3 percent, have been reluctant to enter the market, fearing higher rates upon purchasing a new property.
A rate cut by the Fed could theoretically prompt more sellers to list their apartments. However, such a move might not substantially alter the landscape for buyers. Lower interest …
by Riccardo Ravasini