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NEW YORK (AP) - The average price of a Manhattan apartment rose to more than $1.14 million in the fourth quarter of 2006, up 5 percent compared with the same period a year earlier, according to two new real estate reports.
The median price for the apartments was $760,000, a new record, beating the figure from 2005 by 9 percent, according to the reports released Wednesday.
The median value is the price at which half the sales are higher and half are lower. It is an important indicator of a market's stability, said Greg Heym, who authored the reports for two Manhattan real estate firms, Brown Harris Stevens and Halstead Property. Heym is the chief economist for Terra Holdings, which owns both firms.
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