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Sales keep NYC housing market hotter than ever

…According to a market report released this week by Jonathan Miller, CEO of Miller Samuel, for Douglas Elliman, Manhattan inventory dropped to the lowest level in 13 years (when Miller started tracking the market) and the number of sales — 3,837 — is the most since 2007….

…“While Manhattan is rising [in price] modestly, Brooklyn is rising sharply,” says Miller. Over the summer, Miller released a report showing the median price of housing was up 15 percent in Brooklyn from the year before and inventory was down 19 percent. Brooklyn is “no longer seen as a less expensive alternative — it’s now a specific destination,” says Miller….

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