Industry News

Apartment prices climb 8% in New York

City continues to buck national trends

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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...