Manhattan Housing Prices Off by 20%

The Real Deal reports that, according to the Federal Reserve's "Beige Book," Manhattan co-op and condo sale prices have "fallen by 15 to 20 percent since mid-summer, though it is hard to get a clear handle on prices due to thin volume. Much of the recent activity is reportedly from desperate sellers." Sales volume was also apparently off by 28% for the first three quarters of 2008, and appraiser Jonathan Miller explains, "A drop in transactions always precedes a drop in prices, because it leads to [an] increase in inventory. It's really a canary in the subway." Still, some brokers are trying to insist business is picking up, with open house attendance rising recently—which some Curbed commenters question.