Flatliners: New York City Apartment Prices Flat Month-Over-Month, Again

New York apartment prices flatline month-over-monthSo much of what we do here at the New Construction Manhattan blog feels like fortune-telling -- looking at this trend or that, this swatch of data or another, and guessing at how it will all play out in the months ahead. Of course, that's Manhattan real estate in a nutshell, and true of real estate in general. But when NYC apartment sales surged in the second quarter, it was tough not to speculate and imagine a future of soaring prices, disappearing price chops, and other nasty things. Which makes it that much more surprising -- and a little bit humbling -- that S&P/Case Schiller's just-released NYC apartment sales stats for the second quarter revealed that Manhattan condo prices were, yes, totally flat year-over-year. Who knew? (Answer: not us)The data includes everything up until July, which is the most recent month available, and things may indeed have changed since then. If they have, though, they'll be just about the only thing in the NYC apartment market to have changed. "New York City home prices climbed 1.3 percent between June and July, to an index rating of 174.9," The Real Deal reports. "This score is up just .6 percent from July 2009's index level. Nationwide, the July index showed positive momentum year-over-year, even as prices remained flat compared to the previous month."

NYC Daily Real Estate Blog