New York City real estate makes a comeback

After a pandemic-induced migration away from New York City, the nation’s largest metro is seeing a sharp turnaround in real estate activity. The New York Times reports that more Manhattan apartments sold in the third quarter 2021 than in any quarter in the last 32 years. Other boroughs saw similar upticks in activity. The pandemic undeniably deeply impacted real estate consumer behavior and activity. This early data suggests that the Covid-induced flight to the suburbs may not be a longer-term trend.