Sales, prices fall in Manhattan

The housing market in Manhattan has slipped slightly, after both the pace of sales and median home prices fell, according to The Wall Street Journal.

Even though the pace of new deals has picked up recently, many brokers are saying prices will stay level through much of 2011.

"We will be lucky if we are going to move sideways," said Dottie Herman, president of Prudential Douglas Elliman. "There won't be a big price increase. Everything suggests we are at the bottom of the market and not going anywhere."

The stagnant prices are mainly the result of the city’s 9.1% unemployment and tight credit. Sales fell 13.8% in the fourth quarter compared to the third, and the median sale price of $845,000 was down 7.2%.