Steven James, CEO of New York City, Douglas Elliman Steven James, CEO of New York City, Douglas Elliman

NEW YORK CITY—While the Manhattan residential sales market is still very strong, posting a median sale price of more than $1 million and an average sale price of more than $2 million, the specter of tax reform as well as the high cost of housing caused a sharp decline in sales activity in the fourth quarter of 2017.