Sales continue to fall in Manhattan

Manhattan home sales dropped 24.1 percent in the third quarter compared to the same quarter last year -- the third consecutive year-over-year quarterly decline, according to a report today. With sales continuing to slow, the inventory of for-sale inventory jumped 34.6 percent year-over-year in the third quarter, according to the Manhattan Market Overview report, prepared by appraisal and consulting company Miller Samuel Inc. for brokerage company Prudential Douglas Elliman Real Estate. Sales slid 13.9 percent in the third quarter compared to the second quarter -- there were 2,654 sales in the third quarter. Prices, meanwhile, are continuing to show year-over-year growth. "The events of the last couple of weeks have really diffused the meaning of the numbers, with the exception of a few of the items," said Jonathan Miller, president and CEO for Miller Samuel Inc. While sales are down and inventory is up compared to last year, it's important to remember that last yea...