Press

The cost to own Manhattan real estate surged over the last nine years as new homes popped up, a real estate report found.

The average sales price for a Manhattan home was $1,417,080 in 2012, a 66% increase from 2003, when it was about $850,000, according to a Douglas Elliman report.

The prices hit their peak at $1.6 million in 2008, before the economy fell.

Although Manhattan experienced a 12-year low in home listings in 2012 with 4,749, lower-priced homes seemed popular with a record 2,598 sales, according to the report.