Reports: Average Manhattan home price is over $1.8 million

AP News
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Posted: Jul 01, 2015 8:15 AM

NEW YORK (AP) — 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 (http://nyti.ms/1LUpUM4 ) that New York real estate experts "don't even blink" at the numbers. But she concedes that "anyplace else, they're outrageous."

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Information from: The New York Times, http://www.nytimes.com