Housing Crash Finally Hits Manhattan...Not

Have you been secretly pleased every time a Wall St. banker got fired because that meant one fewer bidder at the next mobbed open house…and, ultimately, an affordable apartment for you? Well, keep hoping.

According to a report out today from Halstead Property, a New York brokerage, the median price of a Manhattan apartment reached $979,000 during the 2Q of this year, up from $795,000 last year. The market remains “healthy”, although there is now, finally, some caution (if you call being “cautiously optimistic”, “caution”).

The good news for those waiting for a downturn? Housing inventory rose to about 10,000 units, approximately a 10-month supply. In 2007 inventory was closer to 7,500. Ballooning inventories were the first sign of the housing crash that is clobbering every other place in the country except Manhattan, so a price downturn probably isn’t far behind.

See Also:
Wall Street Woes Hurting New York Real Estate Market
Krugman: Stop Subsidizing Home Ownership

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