Industry NewsMarkets & Economy

NYC average sales price drops 10%

Real estate brief

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The Real Estate Board of New York, the largest trade group in New York City, reported today that the average sales price for cooperatives, condominiums and single-family to three-family homes across the five boroughs dipped 10 percent in the fourth quarter compared to the same quarter last year. The average sales price of New York City apartments -- including co-ops and condos -- dipped 4 percent year-over-year in the fourth quarter, while the average price of single-family, two-family and three-family homes dropped 13 percent to $548,000 and the average sales price of co-ops rose 10 percent to $602,000, according to REBNY. The average sales price for all residential dwellings in Manhattan, meanwhile, rose 6 percent in the fourth quarter compared to the same quarter last year. Earlier this month, New York City appraisal and consulting company Miller Samuel reported that the median sales price of Manhattan co-ops and condos rose 5.9 percent year-over-year in the fourth quart...