Bubble Wrap

Three Cents Worth: Moving Sideways?

Jonathan Miller charts inventory and inflation-adjusted median sales price for Curbed, noticing better stats than previous quarters.

The combination of these metrics suggest that things are not deteriorating as quickly as they had been since the 9/15/08 Lehman tipping point, but it still doesn’t show that we have found some sort of bottom for the Manhattan housing market. With high unemployment, shadow inventory and tight credit, I would think we have a while to go before things stabilize. Still, it’s better news than we have received as of late and I’ll take it.