In June, right before the government's $8,000 homebuyer's tax-credit program expired, the number of closings in the city shot up 70% from May, the WSJ's Josh Barbanel notes in his latest state-of-the-market report. In Manhattan, where the program supposedly had little impact (the credit was limited to properties under $800k), the last day of June had 160 closed sales, a single-day high for the year. In July, sales across the city slipped back to below May levels, which is still better than the rest of the country. [WSJ]
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