NEW YORK, NY April 02, 2009 —Those looking for bottom in the New York housing market will have to wait a little longer. The city's biggest real estate brokers released their first quarter figures today, and the vital signs do not look good.

Brown Harris Stevens recorded a $15,000 drop in the average price of a one-bedroom co-op, compared with last quarter. And Prudential Douglas Elliman had a 13 percent year-to-year drop in the median co-op sale price.

Real estate analyst Jonathan Miller says get used to it.

MILLER: We're really looking at a market that's 20-25 percent below where it was in the summer. And we're looking at a level of activity that's roughly half of what it was at this time last year -- which is essentially a new market.

REPORTER: Expensive properties have suffered the steepest decline. One agency recorded eight closings above 20 million dollars last winter. This year, there was just one.