Here's a market that was supposed to decline this year.......sales are falling yet prices are still going up in Manhattan. Truth is, I expect the worst of the problems will be in Las Vegas, some parts of S. CA, parts of FLA [esp. the Miami area] and maybe Phoenix.
NYC Housing Prices Keep Climbing
By Nicholas Yulico
TheStreet.com Staff Reporter
7/6/2006 7:33 AM EDT
New York City real estate hasn't hit as many bumps as the broader national housing market, with prices in the city continuing to soar despite increasing supply.
In the second quarter, the median sales price of co-ops and condos in Manhattan rose 13.5% from a year ago to $880,000, despite overall sales falling 14.8%, according to the Prudential Douglas Elliman Manhattan market overview released Thursday. During the same time frame, listing inventories rose 54% to 7,640 homes.
"It's not a buyers market, not a sellers market, it's very evenly balanced," says Prudential Douglas Elliman CEO Dottie Herman. "So, I'm looking to see by the end of the year whether it tilts at all."
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thestreet.com |
