NYC home prices hit new record of $1.7 million

On average, it costs $1.7 million to live here.

NEW YORK (CNNMoney)

The average sales price for a Manhattan apartment rose to a new record of $1,728,831 million in the fourth quarter, up from $1,700,581 in the first three months of the year, according to Halstead Property.

Halstead is one of New York City's big real estate brokers, along with Douglas Elliman and Corcoran. All three released reports Tuesday on Manhattan's red-hot property market.

The reports pointed to strong demand for luxury apartments, which helped boost the average sales price. The median sales price, which measures sales at the mid-point, was $980,000, according to Elliman.

Related: 5 biggest threats to the housing market

It's been a banner year for apartment sales in Manhattan thanks to a strong local economy and low interest rates, said Diane Ramirez, chief executive of Halstead Property

At the same time, there's still a shortage of apartments in the borough.

While the number of homes for sale increased last year, it remains more than 50% below the high of 2009, according to Corcoran.

The low inventory "can be great for our sellers who price correctly but frustrating to our buyers," said Ramirez.

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First Published: January 6, 2015: 9:51 AM ET

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