NEW YORK CITY: Manhattan home resales climbed for the first time in a year and a half as sellers agreed to lower prices in order to seal deals before inventory and interest rates rise further.
Completed purchases of previously owned homes rose 7.7% in the first quarter from a year earlier, reversing a stretch of five consecutive periods in which resales declined, according to a report released yesterday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate.
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