Industry NewsMarkets & Economy

NYC home prices up 28%, sales down 22%

REBNY reports $1.6 million average price for Manhattan

The average price rose 28 percent for all New York City homes, according to a market report released today, while the sales volume dropped 22 percent. Produced by the Real Estate Board of New York trade association, the ResidentialNYC.com report revealed that the average price of Manhattan residential property jumped 41 percent year-over-year in the first quarter to $1.6 million and Manhattan sales dropped 6 percent. REBNY has about 12,000 members that work in a wide range of real estate-related fields. This report follows the release earlier this month of real estate broker-sponsored first-quarter Manhattan market reports that detailed price gains and sales drops in the first quarter. Inman News has reported that despite the continued Manhattan market price gains, some real estate professionals say the sales slowdown and other market trends indicate that the tide may be turning on the area's red-hot real estate run-up. The average price of homes throughout New York ...

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