Manhattan apartment prices climbed to a record level in the third quarter, defying the trend of the overall U.S. housing market, according to reports released Tuesday.
The average sales price of a Manhattan apartment in the third quarter rose 6.3% from a year earlier to a record $1.37 million, according to the Prudential Douglas Elliman Manhattan Market Overview third quarter report.
The average price per square foot rose 9% to $1,144, also a record, while the median sales price -- where half the apartments sold for more and half for less -- rose 2.3% from a year earlier to $864,397.
The overall U.S. real estate market has been plagued by sagging prices and a rising inventory of unsold homes but Manhattan is among those localities buoyed by unique economies and plenty of wealthy buyers.
Manhattan apartment prices typically rise or fall on the strength of year-end Wall Street bonuses, a factor typically shows up in the first and second quarters.
"It's really still a little early, and in light of the numbers this quarter, we're not seeing any evidence of it being a problem at this point," said Jonathan Miller, director of research at Radar Logic.