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REBNY: NYC prices and permits rise, sales fall

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The following is a roundup of real estate news items: REBNY reports: Prices and permits up, sales down The Real Estate Board of New York, a real estate industry trade organization, reported this week that average sale prices for New York City homes rose 12 percent year-over-year in the second quarter to $824,000. The report, which tracks apartments and single-family to three-family dwellings in New York City, also found that the price of condominiums and cooperatives throughout the city jumped 21 percent year-over-year in the second quarter to $1.01 million. And the average condo sale price in the second quarter rose 33 percent in Manhattan compared to the same quarter last year, to $1.83 million. Meanwhile, a 20-metro area Standard & Poor's/Case-Shiller price index report, released Tuesday, found that New York City metro area prices fell 7.9 percent from May 2007 to May 2008 and dropped 0.5 percent from April to May. Manhattan apartment sales dropped 33 percent fr...