Manhattan housing price indicators set records
as overall sales levels remained high. After
hovering just below the million-dollar threshold for
the past year, median sales price broke through,
surging 17.3% from the year ago quarter to a
record $1,150,000. Manhattan joined Brooklyn
as the only boroughs to break the “pre-Lehman”
high before the financial crisis began. The
previous Manhattan median sales price record of
$1,025,000 was set in the second quarter of 2008.
Average sales price followed the same pattern
rising 12% to a record $1,948,221. Both records
are reflective of a 27-year data series and were
set by both higher re-sale and new development