New York City

Apartment Sales in Manhattan Reach 25 Year High

Rose 30 percent in the fourth quarter

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(Reuters)—Sales volumes of Manhattan apartments jumped 30 percent in the fourth quarter, a report on Friday showed, as buyers put aside concerns about the strength of the overall economy and pushed inventory levels to historic lows.

The report by Douglas Elliman Real Estate showed there were 3,297 sales in the closing months of 2013, the most since the company's records began 25 years ago. The supply of units was down to 4,164, or its lowest level in 14 years.