Mitchell, Maxwell & Jackson, Inc.

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For The Week
Ending 07/25/2008
Manhattan
Purchase Index: 20
Was: 26

23%
52 Week High: 172
52 Week Low: 44

For The Week
Ending 07/25/2008
Manhattan
Refinance Index: 13
Was: 12

8%
52 Week High: 84
52 Week Low: 9

For The Week
Ending 07/25/2008
30-Year Fixed Rate
At: 6.46%
Previous Week: 6.59%

52 Week High: 6.86%
52 Week Low: 5.98%

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08.06.2004		NYC Residential Sales Market Cooled off In July The New York Sun New York City's red hot condo and co-op market cooled off in July, according to a new report. The study, released this week by appraisal firm Mitchell, Maxwell & Jackson Inc., found that the number of signed to buy condos or co-ops in Manhattan fell 16% in July. "After an atypical uptick in June sales volume, it looks like the dog days of the real estate market have finally arrived," said chief economist and co-founder of MMJ Jeffrey Jackson. He said concerns about rising mortgage rates appear moot at this point as the average 30-year fixed mortgage actually declined to 6.20% in July from 6.42% in June. The study found the median sale price in July was $625,864, which was 2% lower than in June. The decline was largely due to a 30% dropoff in the number of homes selling at over $3 million, and a 17% sales decline in homes valued at $1.5 million or less. The volume of homes selling at between $1.5 million and $3 million was unchanged. The sharpest decline came on the East Side, where sales fell 31%. Downtown had 17% fewer sales. The West Side was unchanged, and Midtown was up 2%.