Home prices continue to reach new heights in New York City. According to the Real Estate Board of New York’s (REBNY) New York City Second Quarter 2016 Residential Sales Report, the average sales price in the city was a hefty $1.018 million, largely fueled by a surge in luxury sales.
- Year-over-year in the second quarter of 2016, home sales volume weakened in New York City. But the average sales prices increased in all five boroughs.
- Manhattan's average home price increased 20 percent and average condo price increased 21 percent annually in Q2.
- Staten Island and the Bronx both saw big increases in sales volume gains by a respective 6 percent and 22 percent annually.