New York City's housing market in Manhattan saw sales rebound for the first time in two years, according to a report from Douglas Elliman and Miller Samuel, while prices fell in the second quarter of the year.Read more: Current Mortgage RatesThe average sale price for the borough was down 3.3 percent to about $2 million compared to the same time a year ago, even though prices were up more than 8 percent from the prior quarter.
Condo sales also jumped on a yearly basis for the first time in eight quarters, the Douglas Elliman and Miller Samuel report noted, while prices shot up 3.4 percent in the second quarter compared to a year ago and accelerated 6.2 percent from the previous quarter.Read more: Tips to Help Sell Your Home for the Highest PriceOne segment of Manhattan's market that is struggling is the new-development space. Median sales prices were down nearly 3 percent from the prior quarter.