Noah & I take this one: Aug leases were higher than Jul according to Miller Samuel stats:
Supply (with all its inherent question marks) down to 1 month.
If you haven’t otherwise read it, you might find this thread interesting:
The denizens of SE opine about how mortgage rates play into their decisions about purchase, whether they pay down the debt vs lever up to...
It does feel like the start of a mini bull run, spurred by:
The return to the city
The desire for more space
Low interest rates
Also feels like a temporary overreaction of supply/demand because:
The return surge will abate, and the permanent exodus of otherwise Manhattanites is real...
David, I like your observation in post #4 that some sellers needed something to blame for taking a loss. I also get a sense that the pandemic marked an end to many a NYC RE investors’ adventures. After 5 years of price drops driven by nothing other than overpricing & massive development supply...