DataMarkets & Economy

NYC prices increase while volume falls in Q2, REBNY says

RENBY's 2nd Quarter 2016 New York City Residential Sales Report found sales volume slowing
  • 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.

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. In each end of the city, inventory has been falling while prices keep making headway. All five boroughs saw prices climb, and NYC as a whole saw a 10 percent increase in prices. REBNY But luxury homes weren't the only ones to see a spike in prices, as the report says the middle segment of the market bumped up 7 percent in the second quarter compared with last year during the same time, to $582,000. “While high-end Manhattan sales drove up the average sales price, the continuous demand for middle market homes is pulling the median sales price of homes higher as well,” John Banks, III, REBNY president, said in a statement. “In response, the New York City residential sales market started to ...