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Manhattan Home Prices Climb in Busiest Spring Since 2007

…The median price of all co-ops and condominiums that changed hands in the three months through June rose 4.3 percent from a year earlier to $865,000, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report today. Purchases climbed 19 percent to 3,144, the most for a second quarter in six years, as buyers snapped up apartments faster than new units became available. The number of properties for sale plunged 31 percent to 4,795, the second lowest in more than 12 years of record keeping.

“There’s a chronic lack of supply — no meat left on the bone,” Jonathan Miller, president of New York-based Miller Samuel, said in an interview. “We’re expecting price appreciation for the foreseeable future until there’s a meaningful relief in inventory.”…

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