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Manhattan Market: Modest Cooling, Record Rents, Seller Leverage Strengthens, Inching higher, U.S. Inflation Remains Stubborn Amid Sectoral Shifts, Mortgage Rates Decline

Martin Eiden | August 16, 2025

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New and Noteworthy

Manhattan Market: Modest Cooling, Record Rents, Seller Leverage Strengthens

The Manhattan real estate market cooled slightly in July 2025, following typical seasonal patterns. Inventory dropped 8.5% from June, while listing discounts narrowed to a median of 4.5%. High-end, all-cash transactions supported prices, and coop resales are showing signs of shifting to a buyer’s market. (Full Story)

Inching higher

Last Tuesday, the Dow Jones rallied 400 points while the S&P 500 and NASDAQ both closed at fresh record highs. That surge came after calmer inflation data reducing investor worries. For the week, The S&P 500 and the NASDAQ climbed around 1%, recording their second positive week in a row but failing to match the previous week’s stronger gains. It was the sixth positive week out of the past eight for both indexes. (Full Story)

U.S. Inflation Remains Stubborn Amid Sectoral Shifts

U.S. wholesale inflation accelerated in July by the most in three years, suggesting companies are passing along higher import costs related to tariffs. Price pressures increased in used cars and trucks (+4.8%), transportation (+3.5%), while shelter inflation slowed (3.7%). Energy costs declined but natural gas prices stayed elevated. (Full Story)

Inflation (cont.)

The Producer Price Index increased 0.9% from a month earlier, the largest advance since consumer inflation peaked in June 2022. The PPI rose 3.3% from a year ago. Services costs increased 1.1% last month, the most since March 2022. This hasn’t shown up in consumer prices so far because many companies entered the tariff era with large cash reserves or wider margins, so they could absorb these costs for the time being. (Full Story)

Mortgage Rates Decline

The average rate on the standard 30-year fixed mortgage declined to 6.58%, a low not seen since October 2024 and down from 6.63% a week earlier. Bond yields have edged lower after data showed hiring slowed sharply over the summer, putting downward pressure on mortgage rates. Elevated rates, home prices have kept homeownership out of reach for many. (Full Story)

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After a wedding of a lifetime, the family headed to Santorini, Greece for an incredible week where we took in the sights, enjoyed the crystal clear water, devoured the abundant Mediterranean food, and had ourselves a trip of a lifetime. We're so lucky and fortunate to be able to create these memories together. It's a great reminder to always have something to look forward to, to be present with the things that matter, and that working hard can lead to magical life experiences.

All the work is worth it in times like these.

Next week we will be back in NYC refreshed and recharged. Ready for what's next.

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