Manhattan Real Estate, Still Expensive


The Commerce Department announced today that new-home sales in the U.S. fell 12.4 percent month to month in July, the slowest sales pace on record since 1963! Alas, if you were hoping to use the dire housing market as an excuse to move to a more spacious New York City apartment, that’s still not your best bet, because there’s “a stark contrast” between New York City, where the unemployment rate has slowly fallen, and the rest of the nation, where it really hasn’t. In fact, Manhattan sales activity and home prices are actually “up sharply” from a year ago, and Brooklyn has seen a steady rise, too. But we hear houses in Midwestern states are scary cheap right now, if you were looking to skip town for good. [NYDN, WSJ]