Median sales price increased 12.1% to $469,000 from the same period last year.

Year-over-year gains were seen in all but the highest market quintile.

There were 78 sales in the first quarter, 17% fewer than in the year ago quarter and roughly

half the number of sales in the prior quarter tax-incentivized year end rush to close.

Listing inventory expanded 5.5% to 521 from the year ago period. The combination of falling sales and rising inventory slowed the pace of the market as measured by the monthly absorption rate which jumped to 20 months from 15.8 months although the first quarter tends to have the highest absorption rate of the year.

Listing discount, the percent difference between the list price at time of contract and the sales price,

expanded to 11.6% from 10.4% in the same period last year.

Days on market, the number of days from the last price change to the contract date,

averaged 229 days or 30 more days to sell a property than the same period a year ago.

www.elliman.com/marketreports.