Apt. prices drop for third quarter, report says

In Manhattan, the average sales price fell almost 13 percent in the third quarter from the second quarter, according to a report released today by appraisal firm Miller Samuel and Prudential Douglas Elliman. The amount of time it took to sell a home was also up 30.4 percent over the same period, the report said. The top end of the market appeared weakest, with the average sales price dropping 26 percent due to a decline in sales of apartments priced over $10 million. Studio and one-bedroom prices were up over the previous quarter while two- and three-bedroom average prices declined. more [NYT] and more [Post] and more [NYDN]

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