Prices are at record highs, but sales keep dropping – what's going on in the Manhattan housing market? Jonathan Miller explains the second-quarter numbers.

How do you explain a housing market where prices keep going up even as sales keep going down? Jonathan Miller, president and CEO of appraisal firm Miller Samuel, gives it a try in a special podcast for The Real Deal.

Miller's firm recently released a report with brokerage Prudential Douglas Elliman on the Manhattan housing market in the second quarter of 2006. During that period, the average sales price of an apartment and the average price per square foot set records.

At the same time, however, the number of sales dropped from the first quarter – and from the second quarter of 2005 – and the number of days it takes to sell a Manhattan apartment increased almost a week, on average, during the three months ending June 30.

To listen to the entire podcast, click one of the links below.