New York suburbs see sales surge while Manhattan’s sink

Suburban markets across the tri-state region are experiencing a surge in demand that hasn’t been seen in years, while Manhattan flounders, according to the New York Times.

July saw a 44 percent year-over-year increase in home sales in suburban counties surrounding New York. Meanwhile, sales fell 56 percent in Manhattan. One East Orange, New Jersey, home received 24 offers in just three days and sold for 21 percent above its asking price. A $985,000 Hudson Valley home received four all-cash offers a day after 14 showings.

Westchester in particular is hot — sales increased 112 percent year-over-year in July. Fairfield County saw a 73 percent increase. [NYT] — Dennis Lynch