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Can Manhattan Home Prices Go Higher?

…Jonathan Miller, who conducted the study of Manhattan real estate activity released today, draws this conclusion about the state of the market:

“I don’t think it is sustainable,” Mr. Miller told WPC.

Even for Manhattan, the latest numbers are a bit mind boggling. The median price now stands at $865,000, up 4.3 percent from the second quarter of 2012 and 5.4 percent higher than the previous quarter, according to the report prepared by Miller Samuel Inc. for Douglas Elliman….

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