Industry News

Apartment prices climb 8% in New York

City continues to buck national trends

New York home prices continue to buck national trends, as the average and median prices in all five boroughs rose steadily in the second quarter, a new report shows. Average apartment prices increased 8 percent citywide in the second quarter, and average prices for one- to three-family dwellings increased 5 percent, according to a report from the Real Estate Board of New York, a real estate trade group with more than 12,000 members. The report found that the average sales price overall for cooperatives and condominiums in New York City was $831,000, compared with $769,000 during the second quarter of 2006. For one- to three-family dwellings, the average sales price was $622,000 compared with last year's average of $592,000. According to the report, Manhattan had the highest average sales price for an apartment at $1.2 million, with Brooklyn second at $484,000. For one- to three-family dwellings, Manhattan recorded the highest average price at $5.2 million, while Brooklyn registered the...

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