Industry News

Real estate prices, inventory rise in New York City

Second-quarter sales suggest 'return to a more normal market'

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

The average New York City apartment sale price increased 0.2 percent in the second quarter compared to the first quarter, and was 3 percent higher than in second-quarter 2005, according to a market report by appraisal firm Mitchell, Maxwell & Jackson Inc. The average sale price reached $1.17 million in the second quarter. Meanwhile, the company's sales volume index dropped 1.5 percent in the second quarter compared to the first quarter, and dropped 9 percent below second-quarter 2005. "The second-quarter numbers show a calm return to a more normal market," said Jeffrey Jackson, co-founder and chief economist for Mitchell, Maxwell & Jackson Inc., in a statement. He also stated that inventory levels rose 6 percent from the first quarter and were up 68 percent from the previous year. Building permits, which set a record at 8,493 in 2005, have slowed, Jackson also noted. Permits for the first five months of 2006 reached 3,170 -- a 17 percent drop from the first five months of 2005...