By Olivia Scheck
DNAinfo Reporter/Producer
MANHATTAN — The average cost of a Manhattan home has risen significantly over the past year, according to the latest report from the Real Estate Board of New York.
The average price of a Manhattan home was $1.33 million during third quarter of 2010, up 8 percent from same period last year, the Daily News reported.
The jump was especially high in SoHo and the Lower East Side, where the median sales price per square foot for apartments grew by 30 percent and 27 percent respectively, according to the Wall Street Journal.
The median price in the Financial District and East Harlem bucked the trend, shrinking by 4 and 8 percent respectively, the Journal added.
Driving the boost was a 26 percent increase in the number of condo sales in Manhattan, with the Upper West and Upper East Sides recording the largest number of apartment sales during the third quarter, the Journal reported.
Speaking at a press conference Wednesday, Mayor Michael Bloomberg acknowledged that higher demand might be a problem for those looking for housing, he said it's a measure of the city's success:
"People want to live here."
