Manhattan sale prices erratic, in contrast to rents

Manhattan rents, ever-skyward though they climb, are far less volatile than sale prices in the borough, according to Jonathan Miller, CEO of appraisal firm Miller Samuel.

In a blog post for Curbed, Miller found that, while prices for studios and one-bedrooms showed roughly the same amount of variation year-over-year between sales and rentals, two-bedroom sale prices were tremendously volatile, while two-bedroom rents were relatively stable.

However, sale prices across the board are unsteady as the market struggles with tight credit, the Federal Reserve’s quantitative easing and inventory that is at an all-time low, according to Miller. [Curbed] — Julie Strickland