Industry News

Real estate prices, inventory rise in New York City

Second-quarter sales suggest 'return to a more normal market'

The average New York City apartment sale price increased 0.2 percent in the second quarter compared to the first quarter, and was 3 percent higher than in second-quarter 2005, according to a market report by appraisal firm Mitchell, Maxwell & Jackson Inc. The average sale price reached $1.17 million in the second quarter. Meanwhile, the company's sales volume index dropped 1.5 percent in the second quarter compared to the first quarter, and dropped 9 percent below second-quarter 2005. "The second-quarter numbers show a calm return to a more normal market," said Jeffrey Jackson, co-founder and chief economist for Mitchell, Maxwell & Jackson Inc., in a statement. He also stated that inventory levels rose 6 percent from the first quarter and were up 68 percent from the previous year. Building permits, which set a record at 8,493 in 2005, have slowed, Jackson also noted. Permits for the first five months of 2006 reached 3,170 -- a 17 percent drop from the first five months of 2005...

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