Apartment prices climb 8% in New York

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 next-highest average sales price at $671,000. Queens' one- to three-family dwellings followed with an average sales price of $588,000.

Median sales prices for New York City apartments climbed 16 percent to $525,000 compared with $452,000 last year. Median sales prices for apartments also increased in each of the five boroughs. Queens and Staten Island had the highest percentage increases for cooperatives at 8 percent and 6 percent, respectively. The Bronx and Manhattan showed the highest percentage increases for condominiums at 26 percent and 18 percent, respectively.

Median sales prices for one- to three-family dwellings increased 7 percent in the second quarter to $550,000 compared with $515,000 last year. In addition, median sales prices for one- to three-family dwellings increased in all five boroughs. Manhattan led the way at $3.95 million, followed by Brooklyn at $605,000 and Queens at $567,000.

Additional highlights from the report include:

Apartments:

• The average price per square foot for all cooperatives in New York City increased 6 percent to $708 from $669 last year. For condominiums in NYC, the average price per square foot rose 8 percent to $877, compared with $811 last year.

• The average price per square foot for a Manhattan apartment increased 5 percent to $1,083 compared to last year. Brooklyn and Queens recorded the next-highest prices price per square foot for an apartment at $524 and $357, respectively.

One- to Three-Family Dwellings:

• Prices per square foot for one- to three-family dwellings in New York City increased 8 percent to $339 compared with $315 last year.

• For Manhattan one- to three-family dwellings, the median price per square foot surged 77 percent to $1,273 from $719.

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