As Manhattan Prices Keep Climbing, Inventory Plummets

``According to the report, median sales prices have reached a new high since the recession, coming in just shy of a million dollars at $998,000--a whole ten percent higher than in Q3 last year... One of the tactics people are using to get ahead is buying with all cash (read: without financing.) Slightly more than half--51 percent, up from 43 percent last year--of Manhattan buyers are nabbing apartments this way.'' -- The article suggests that this is "people buying to fill job openings", but that seems doubtful (how many people getting a day job move to a city and plunk down $1M or more in cash to immediately buy a place?)... we'd chalk it up to hot money from our now 7-year long liquidity bubble courtesy of the Fed...