Industry News

New York apartment prices buck national trend

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As the median price of a home in the U.S. declined in the first quarter, the median sales price for apartments in New York City surged 20 percent, a new report shows. Average sales prices for apartments in New York City rose 23 percent to $745,000 in the first quarter of 2007 compared to the first quarter last year, while median sales prices for New York City apartments surged 20 percent to $450,000, according to the Real Estate Board of New York, known as REBNY. It's not unusual for New York City real estate to buck national trends. According to the National Association of Realtors latest price report, the national median home price fell 1.8 percent in the first quarter from a year ago. All five New York boroughs recorded a percentage increase in average prices for one- to three-family dwellings, according to REBNY's report. The board issued a report for all five boroughs for the first time, and said it will continue to issue its separate Manhattan and Brooklyn reports...