…First quarter Manhattan housing market
conditions included double-digit price gains
from prior year levels as the sales mix shifted
to larger units and a growing new development
market share targeted the luxury market. Sales
momentum from a record setting 2013 carried
into the new year and listing inventory stabilized
after twelve consecutive quarterly year-over-year
declines. Median sales price increased 18.5% to $972,428
from the last year, but remained 5.1% below
the high water mark set in the second quarter
of 2008 before the Lehman tipping point in the
subsequent quarter…