Manhattan Real Estate Dropping

The New York Post reports:

the average price of a Manhattan apartment — including co-ops and condos — dropped 12.7 percent from $1.32 million in the second quarter to $1.15 million.

In the luxury apartment market — defined as the top 10 percent of transaction prices — the number plunged 26 percent from $5.2 million to $3.8 million in the three-month period.

Beginning of a trend?