NYC price drop blamed on boost in sales outside Manhattan

Sales of one- to three-family homes, co-ops and condo units in New York City were up 9 percent from a year ago during the second quarter, but average sales price dipped a little more than 1 percent, to $779,000, thanks to an increase in sales outside of pricey Manhattan, the Real Estate Board of New York (REBNY) reported today.

Sales of single-family homes were up 21 percent, to 4,552 units, or 43 percent of all sales. At $575,000, the average sales price of single-family homes was up 6 percent from a year ago.

“It’s surprising that we haven’t seen more average price appreciation given that sales activity has been on an upward trajectory since the recession ended in 2009 and given the lack of inventory,” said REBNY President Steven Spinola in a statement. “It remains to be seen what impact rising mortgage rates will have on sales activity going forward. But the market overall is seeing steady gains and we anticipate the trend will continue.” Source: marketwire.com.