NEW YORK CITY-The number of luxury apartments is growing in most price categories all over the city, but despite a sluggish economy, asking prices have not shown a measurable decline, according to Brown Harris Stevens. The number of available apartments on the Upper East Side has increased dramatically, however, up 64% from a year ago, the firm reports in a study.

The market for residential housing hit its peak sometime during April or May of last year, and while demand may have fallen off, prices have remained stable through early 2001. Some buyers, fearful of paying too much, are reluctant to make full-price offers, some brokers claim. Other brokers, however, note that sale prices for both apartment and townhouses are very good.Lawrence Sicular, executive director of appraisal and accounting for the company and author of the study, says that research shows a growing number of listings in all apartment categories, including the Downtown loft market. “Expectation of lower prices is premature,” he notes, “particularly if the Federal Reserve's cut in rates signal a more positive financial or economic outlook.” Brown Harris' data shows that sellers no longer expect prices to rise, while buyers are becoming more conservative, Sicular says.