Manhattan home resales rebound as sellers agree to cut prices

New York

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 per cent in the first quarter from a year earlier, reversing a stretch of five consecutive periods in which resales declined, according to a report released on Tuesday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate.