NY Times: Home prices reach new high

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Manhattan apartment prices soared during the second quarter, breaking records across the board, according to a new report from Douglas Elliman and Miller Samuel.
The average sales price for all apartments topped $1.87 million, a new record, the report found. In the new development segment of the market, prices exceeded $2,000 per square foot for the first time ever, achieving an average sales price of $2,011 per square foot.
“The records had records,” said Jonathan Miller, president of Miller Samuel and author of the report.
During the second quarter, the median sales price rose 7.7 percent to $980,000, the second-highest price Miller has recorded to date, and up from a median price of $970,000 during the first quarter. Meanwhile, the median price for condos climbed 10.3 percent to $1.39 million, the median price for co-ops increased 9.7 percent to $795,000 and the median price for lofts increased 13.8 percent to $2.1 million.