Despite experiencing a decline of approximately 30% in transaction volume and 67% in dollar volume compared to 1H2022, pricing in Manhattan was relatively strong coming in at +5% for the first half of the year. At the beginning of the year, buyers lacked a sense of urgency due to prevailing economic uncertainties, including inflation, high interest rates, and struggling banks. While buyers continued to search for value in the market, sellers, who are in general not showing signs of distress, held firm on pricing. Anecdotally, buyers are now more active, having come to accept the new interest rate reality, and in many cases are stepping up to meet seller’s pricing expectations, especially for renovated, single-family townhouses. As a result, we expect to see a different year-over-year pattern in the second half of 2023 with transaction and dollar volume picking up. The two most expensive sales this quarter include a $41M sale at 12 East 82nd Street, a contemporary 7 story single family home that was on the market for 508 days as well as another $41M sale at 110 East 76th Street, a 15,000 SF mansion with 36’ of width.