BrokerageIndustry News

Home sales slow, but bigger and pricier pads sell

From The Real Deal

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Editor's note: This article is reposted with permission by The Real Deal. View the original article. By CANDACE TAYLOR NEW YORK CITY -- Home sales slowed in Manhattan during the fourth quarter of 2010, but aggregate prices increased as consumers bought larger homes, according to fourth-quarter market reports released by the city's major brokerage firms Tuesday. The median price of homes sold in Manhattan in the last three months of 2010 increased between 3 and 11.2 percent from fourth-quarter 2009, according to market reports from Prudential Douglas Elliman, the Corcoran Group, and sister companies Halstead Property and Brown Harris Stevens (which use the same data to produce their reports). According to the report by Elliman, the city's largest residential firm, the median Manhattan sales price in the fourth quarter rose 4.3 percent to $845,000, up from $810,000 in the same quarter of 2009, but dropped 7.5 percent from the previous quarter. The av...