Manhattan home sales climbed, and prices rose in the second quarter of 2014, compared with the same period last year, according to an analysis from Douglas Elliman.
The average price paid per square foot was up more than 10 percent, to $1,149.
Independent appraiser Jonathan Miller, who did the analysis, said the biggest new development is that after months of low inventory, more residents of Manhattan are now putting their homes up for sale.
“What we have right now is we have prices rising, as prices rise, inventory tips into the market. People have more equity, they're able to buy something. So they're able to sell,” Miller said.
But there's still some way to go to get back to normal. The number of homes on the market last quarter was about 5,659, compared with a historic average of more than 7,000.