In Manhattan, the market metric to focus on in 2022 was the surprising restraint of new supply coming into the market. Median sales price slipped year over year for the first time since the pandemic era began but was well above pre-pandemic levels. The rate of annual sales growth went negative for the second straight quarter. Listing inventory slipped quarterly but was on par with pre-pandemic levels despite the sales slowdown. Co-op median sales price decreased annually for the first time in seven quarters while condo sales fell sharply year over year but remained above pre-pandemic levels. All luxury price trend indicators expanded annually for the fifth straight quarter. Luxury listing inventory expanded annually for the second quarter but was sharply below pre-pandemic levels. The average price per square foot of new development sales edged higher year over year but was sharply below pre-pandemic levels. New development sales declined sharply from the year-ago surge but remained significantly higher than pre-pandemic levels.