Industry News

Manhattan real estate inventory grows

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Prices rose while sales numbers slipped for Manhattan condos and co-ops in the second quarter, according to the latest market report prepared by Miller Samuel Inc. for the Prudential Douglas Elliman real estate company. The average sales price of Manhattan condos and co-ops jumped 6.6 percent from the first quarter to the second quarter, and rose 5.2 percent compared to second-quarter 2005, according to the Manhattan Market Overview report. Sales dropped 3.5 percent from the first quarter to second quarter and slid 14.8 percent compared to second-quarter 2005. "The second quarter is generally considered the most active period of the year, both in terms of price levels and the number of sales. Rising mortgage rates has eased demand, resulting in a combination of rising inventory and a lower number of sales. The number of sales declined to the lowest level for the same period in five years," according to an announcement by Prudential Douglas Elliman. A separate report, released today by...