Manhattan apartment prices climbed in the first quarter as buyers competed for properties amid the biggest inventory decline in more than a decade.
The median price of all co-ops and condominiums that changed hands in the three months through March 31 rose 5.9 percent from a year earlier to $820,555, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Tuesday. Purchases rose 6.3 percent to 2,457, even as the number of properties on the market plunged 34 percent, the most in more than 12 years of record keeping.
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