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Mentioned in this Article:
The Real Deal

Manhattan Home Prices Drop This Summer

The average sales price of a Manhattan apartment dropped during the summer, a new report shows. It dipped from more than $1.3 million in June to finish August at $1,205,042, according to the report from Halstead Property.

That represents a 7.9 percent decline in the average sales price through this summer, which officially ends next week.

The median Manhattan sales price also dropped from June through August, dipping 5.4 percent from $799,000 in June to $755,250 by the end of August. Gauging the Manhattan residential market month to month may be difficult, but the Halstead report offers few surprises.

A second-quarter report from appraisal firm Miller Samuel showed the number of unsold apartments in Manhattan reached an all-time high of 7,640, up 10.7 percent from the first quarter of 2006. That report also showed a 3.5 percent quarter-over-quarter drop in sales.

Even the National Association of Realtors, one of the biggest cheerleaders of the late housing sales boom, released an assessment this month concluding that the number of existing home sales nationwide would be 7.6 percent lower in 2006 than in 2005.

The Halstead report did note a 4.6 percent average sales price jump from July to August, and a median sales price increase from $747,750 to $755,250. The August numbers, though, remain lower than the June ones. By Tom Acitelli

Wednesday, September 13, 2006