Average Home Price in Manhattan Hits New High

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The average sales price of a Manhattan apartment has eclipsed $1.8 million -- a new high.

The appraisal firm Miller Samuel says in a report for Douglas Elliman Real Estate that its figure -- $1.87 million -- compares to $1.77 million reached in the first quarter of last year.

The Corcoran Group puts the average Manhattan sales price at $1.81 million.

Corcoran says the median sales price is now $960,000. The Douglas Elliman report puts it at $980,000.

The median price measures the middle of the market and is less affected by high-end sales.

Douglas Elliman Chief Executive Dottie Herman tells The New York Times that New York real estate experts "don't even blink" at the numbers. But she concedes that "anyplace else, they're outrageous."

Copyright AP - Associated Press
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