Sales in the city boost for US property

Among the many depressing reports of the continuing downward trend of USA real estate prices comes a glimmer of hope from the city of New York.

The district of Manhattan has seen apartment sales escalate by 80 per cent during the second quarter of this year - the highest level for two years.

A more buoyant employment market is thought to be the primary reason behind the sales boost. According to published figures from the Labor Department New York City's jobless rate fell for the fifth month in a row during May by more than 9.5 per cent.

The massive number of completed sales has slashed the stock of listed apartments by more than 13 per cent from the same time last year, and properties are selling more quickly in today's market. Twelve months ago the time taken to close a sale averaged around 23 weeks today that has reduced to an average 15 weeks.

Agents in the district report an upbeat confidence in the air that is indicative of a recovering housing market.