NYC’s booming residential market

Residential brokerages say home prices and signings in January were up significantly over the same period in 2006. The buying spree has been spurred by record Wall Street bonuses, the strong local economy and pent-up demand from buyers who sat on the sidelines, fearing the real estate market would crash. Jonathan Miller, president of appraisal firm Miller Samuel, said the number of contracts signed in Manhattan was up 19.4 percent over January 2006 and prices were up 14.4 percent. Home prices in most other parts of the country have been falling. more [NYT]