Manhattan was among the many markets impacted by a slowdown in the US housing market over the summer, according to a recent analysis.

Overall, the number of Manhattan homes in contract plunged a whopping 39% year-over-year, according to data from June through August compiled by brokerage firm Serhant. The trend coincided with a spike in mortgage rates over the last several months, with the current average 30-year fixed-rate mortgage hovering near 6%.