Million-Dollar Market

Apartments in Manhattan have broken the million-dollar mark. According to the quarterly “Manhattan Market Overview” report, released by the brokerage firm Prudential Douglas Elliman, the average price for an apartment in Manhattan hit $1,047,938 in the second quarter of 2004, up 20.9 percent in just one year. A single square foot set buyers back $786, up from $660 last year. An improving economy, low mortgage rates, and a tight housing supply have all contributed to the historic home prices, the report says.