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Manhattan real estate starts to soften

Catherine Clifford CNN
Manhattan real estate starts to soften - Manhattan - Luxury Apartments

Sales are down according to the latest reports, but thanks to strong demand for luxury apartments the average Manhattan apartment now costs $1.67 million.

NEW YORK (CNNMoney.com) -- Even the lofty Manhattan real estate market is beginning to soften, according to reports released Wednesday by four of the city's top real estate agencies.

Data from this year's second quarter indicate two divergent trends; on a year-over-year basis, the volume of sales is down, while at the same time the average home price is rising.


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