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Braden Keil's close read on the Halstead market report numbers reveals reason for concern, as he notes price drops in the average price of a Manhattan apartment (from $1.332 million in June to $1.145 million at the end of August) and in the median price (from $831,250 in June to $725,000 in August). Summer is traditionally soft, but the double-digit price drops are unusual. And, some broker chatter adds fuel to the fire:

"In the last week, I've had several sellers ask if they should lower their price," said a Sotheby's broker. "At this point, I'm telling them not to panic. But it's getting close to the point where I'm telling them they have to be flexible," a term that sellers across the country have not had to focus on too seriously.
Inventory numbers are creeping up, too, Keil reports?9 percent more 2BRs for sale on the Upper East Side, for instance. But we're telling ourselves not to panic. Telling. Ourselves. Not. To. Pannccccccchhh. Ah, fuck it. See you in Vermont.
· Condo Uh-Oh [NYPost]