Manhattan Real Estate Values Climb as Inventory Falls
The national housing market may be in the doldrums, but Manhattan real estate is holding its own, at least for now.
Sales figures for July show that median prices on New York City apartments are up and inventory is down. And with the median sale price at $900,000, there doesn't seem to be a lack of money to spend on real estate. That contrasts with the national numbers for July, which show existing home sales fell 27 percent and new home sales fell 12.4 percent in July.
No one would argue that Manhattan's real estate market is not like the rest of the nation's. But experts are still asking: Can Manhattanites sustain this uptick in sales?