Sales volume for homes sold in the Big Apple last quarter reached its highest level since 2007 — $11.3 billion. That’s a 38 percent increase from the second quarter and a 32 percent jump from third-quarter 2012. Total home sales in the five boroughs stood at 14,073, up 28 percent on an annual basis, and the average sales price of a home rose 3 percent year over year to $806,000.

The Real Estate Board of New York attributed the increase in sales volume to rising mortgage rates and high, unflagging residential rents pushing more buyers off the fence into homeownership.

Source: REBNY

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