Manhattan median price down 13%

In this post in the New York Times, they discuss the cooling r/e market in NY. Median prices have decreased 13% from the peak, and houses are starting to sit a little longer. I think it's remarkable that this had made it to the front page of the NYT. If some of the speculators start to get a whiff of an impending downturn, they may rush supply to the market. Furthermore, as rates rises and people become more cogizant of a potential slowdown, there will also be less demand. Increasing supply and decreasing demand is the obvious necessary recipe for a housing correction.

NYC down 13 %