Condo and Co-op Prices Hit Record Highs in Second Quarter

July 2, 2015 — It looks summer has been good for New York City real estate. According to the New York Daily News, Manhattan enjoyed a record second quarter. "The average sales price for an apartment was the highest ever recorded since tracking began in 1989," reports the Daily News, citing a new report by brokerage Douglas Elliman. An apartment in the city averaged $1.8 million, up 11.4 percent from the same period last year and 8% from this year's first quarter. Condo prices hit a record high, soaring 20 percent thanks, in part, to stalled inventory growth and a rise in the number of new luxury towers hitting the market in places like — surprise, surprise — Billionaires' Row. Co-op prices increased 5.8 percent, but despite not posting double digits as condos did, they also hit a record high.