Is the Manhattan housing market cooling or is it still hot? Jonathan Miller breaks down the market's first quarter numbers.

A recent first quarter report from appraisal firm Miller Samuel shows that the Manhattan housing market may be bucking the national trend: Rather than cooling, the borough's housing market has actually heated up a bit from the end of 2005.

For one thing, the median sales price for a Manhattan apartment and the price per square foot both set records in the first quarter. But inventory was up, too, and days on the market increased as well, suggesting that the market is still booming, but not as loudly as during the beginning of 2005.

In a special podcast for The Real Deal, Miller Samuel president and CEO Jonathan Miller breaks down the report. To listen, click one of the links below.