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Manhattan apt. sales hit highest level since 2007

…”A big part of the demand we had in the first half of the year was a release of the pent-up demand for the last couple of years,” said Jonathan Miller, chief executive of Miller Samuel, who prepared the Douglas Elliman report.

With sales soaring and little in the way of new units hitting the market, the report showed that inventory had tumbled to a record low of 4,795 units, down nearly a third—31.3%—from the spring of 2012.

“It’s the lowest second quarter of all time,” Mr. Miller said. He expects the housing supply to remain tight for the foreseeable future….

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