Manhattan apartment prices at 6-year high

New York

MANHATTAN apartment prices have jumped to the highest point since their 2008 peak as buyers competed for a limited supply of homes and deals were completed in new luxury developments.

The median price of all condominiums and co-ops that changed hands in the fourth quarter was US$980,000, up 15 per cent from a year earlier, according to a report on Tuesday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. The price was the second-highest in 25 years of data-keeping and the costliest since the second quarter of 2008, when the median for all transactions was US$1.03 million.