2008_10_nycapt.jpgThe real estate firms have released their third quarter sales information and they are reporting drops between 14% and 24%. Brown Harris Stevens had the 14% drop and Prudential Douglas Elliman had the 24% drop--both said median prices were down versus 2nd quarter, up versus last year (due to more expensive inventory). The average price of an apartment rose to $1.5 million in the third quarter, again driven by expensive apartments. Jonathan Miller of real estate tracking firm Miller Samuel tells the NY Times, which reports that there the inventory is the highest in 8 years and many contracts are being canceled, "I have great concern about 2009."