Luxury Real Estate Settling Down—Sort Of!

Home prices in Manhattan, the nation’s most expensive big market, seem to have settled into a rut — or rather, a high plateau.

Four of New York’s biggest residential real estate brokers issued Manhattan market reports Tuesday and all indicated that home prices were, essentially, flat during the fourth quarter of 2010.

The median price of a Manhattan apartment fell 5.6% to $840,000 from $890,000 compared with the third quarter, according to market data computed by Brown Harris Stevens and Halstead. Still, they found that prices were up 5% from the previous year.

Prudential Douglas Elliman had prices down 7.5% quarter-over-quarter, to $845,000, and up 4.3% year-over-year.

Corcoran’s figures were down 5% quarter-over-quarter, to $825,000, and up 3% since last year.