Apartment prices in Manhattan have reached an all-time high.

According to real estate firm Douglas Elliman, the average sales price of a Manhattan apartment was nearly 1.9 million in the second quarter of 2015.

That's up more than 11 percent from the same period last year.

Analyst Jonathan Miller's report cites lower inventory, a strengthening job market, and pricier luxury apartments.

The number of apartment sales is down, though, following a sharp rise in sales in 2013.