Condo prices in May suggest ‘moribund’ market

Data analysis firm Radar Logic says in its newest RPX report that Manhattan condo prices were 6.7 percent higher in May than one year earlier but 16 percent lower than the peak in late 2008.

Referring to a gradual upward trend, the company said month-to-month growth in condo prices in was “de minimis,” suggesting “a relatively moribund Manhattan condo market at a time of year when prices typically rise.”

In May 2009, Manhattan condominium sales dropped to their lowest rate since the beginning of Radar Logic’s 10-year data history. Since then, the RPX Manhattan Condominium Transaction Count has doubled while remaining below its 10-year average.  The firm declared: Continue reading