Industry News

REBNY reports rising residential prices in New York

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The median price of New York City condominiums, cooperatives and one- to three-family dwellings rose 19.2 percent -- from $449,000 in 2006 to $535,000 in 2007 -- while the median price in Manhattan rose 11.4 percent, the Real Estate Board of New York reported today. Median home prices rose 4.6 percent in Brooklyn, 2.4 percent in Queens and 1 percent in Staten Island while dropping 2.3 percent in the Bronx in 2007 compared to 2006, REBNY also reported. The median price ranged from $800,000 in Manhattan to $420,000 in the Bronx, according to the "New York City Residential Sales Report." The median price per square foot for condos, co-ops and one- to three-family dwellings rose 18.8 percent for New York City, 16.1 percent in Brooklyn, 7.1 percent in Manhattan, 3.7 percent in Queens and 1.8 percent in the Bronx while dipping 1.4 percent in Staten Island in 2007 compared to the previous year. Prices per square foot ranged from $1,036 in Manhattan to $228 in the Bronx in 2007, acc...