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Manhattan Resale Home Prices Drop Most Since 2011

  • Buyers demand discounts -- and get them -- in swamped market
  • For-sale inventory has climbed for eight straight quarters
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Resale prices for Manhattan apartments tumbled the most in seven years, pushed down by buyer demands for discounts in a market swamped with choices.

Previously owned condos and co-ops sold for a median of $915,000 in the third quarter, down 8% from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate reported. It was the first decline in the past 10 quarters and the biggest since the third quarter of 2012.