Sales at lower end outgrow rise in inventory

The lower price strata of the Manhattan market is doing better than the upper end, primarily because of the divergence between jumbo and conforming mortgage underwriting requirements, reports Jonathan Miller of the Miller-Samuel appraisal firm.

Absorption (the percentage of inventory that is sold) has been better in the sub-million price strata than above $1 million over the past year, he says.  The graphs below say it all: