With Transaction Volume Down 50%, Time Lag On Sales May Explain Stubborn High Prices...
In Manhattan’s case, it pays to look at transaction volume: It’s down 50% year on year in the fourth quarter, according to Jonathan Miller, president of real-estate appraiser Miller Samuel. Thinner volumes add to the sense that Gotham’s strength is more apparent than real. Soon, the time lag on sales ought to catch up with the deepening gloom in New York’s key financial-services sector. “The first quarter will be very ugly,” Mr. Miller says.

By Liam Denning, Feb 28, 2009, WSJ Heard on the Street

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