Industry News

Manhattan feels housing pain

Experts cite sign of transition as sales fall and inventory rises

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The Manhattan real estate market, which soared while some surrounding metro areas suffered slumping sales and sinking prices, may be at the beginning of the end in its robust run-up. While the city's condominium and co-operative prices continued a record streak in the first quarter, market experts say that prices don't tell the whole story. Total sales dropped 34.3 percent in the first quarter compared to the same quarter last year, while the inventory of for-sale properties rose 4.6 percent and days on market jumped 11.7 percent, according to a Manhattan Market Overview report released today by Miller Samuel. The data in the report, prepared for real estate brokerage company Prudential Douglas Elliman, suggests the "beginning of a trend" for the Manhattan market, said Jonathan Miller, president and CEO for Miller Samuel Inc. "We are going into a different period. There is a lower level of sales activity, which would be more likely to temper appreciation in...