The good news for Manhattan apartment seekers: After a two-year shortage of apartments for sale, inventory is finally inching up again. The bad news: There still are too few apartments to go around, especially for those with a budget of $1 million or less.
The average price for a Manhattan apartment rose 20 percent to $1,697,000 in the second quarter, compared with the same period last year, according to a report by the Corcoran Group brokerage firm. The median price, which measures the middle of the market and is less affected by high-end sales, was up 6 percent to $920,000.[NYT]