Manhattan Home Sales Jump to Two-Year High Led by Cash Buyers

Manhattan home sales jumped to the highest level in more than two years as affluent buyers armed with cash forged ahead on deals.

There were 3,158 completed condo and co-op sales in the third quarter, up 13% from a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman. The median price of those transactions was $1.18 million, a 5.8% increase.

Manhattan’s real estate market is getting a boost from the stock boom and last year’s rich Wall Street bonuses. With that added wealth, many buyers can afford to sidestep high borrowing costs and pay cash. About ...