Manhattan Apartment Sales Dip, But Prices Rise

New York–Manhattan apartment sales fell by the biggest amount in 18 years during the first quarter.Sales dropped 34 percent from last year; inventory increased 4.6 percent to 6,194 units, according to New York-based real estate appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. However, the Manhattan co-operative apartment or condominium median price rose 13.2 percent to a new high, $945,000, Bloomberg reports.The looming threat of a recession and job reductions at Wall Street securities firms influenced the decline. Financial companies–which heavily influence Manhattan real estate–have eliminated 34,000 jobs in the past nine months due to losses and mortgage-backed securities-related writedowns.