The Real Estate Board of New York’s quarterly residential market report was released yesterday. The bottom line? Almost every type of residence in every borough of the city rose in price in the second quarter of 2007 versus the same period in the prior year. Not surprisingly, according to REBNY, Brooklyn had the highest median and average prices of the four outer boroughs. The median price of one- to three-family houses in Brooklyn rose from $562,000 to $605,000 while the average price was up from $612,000 to $671,000; median price per square foot increased from $313 to $346. The median price of a condo jumped from $467,000 to $545,000 while the median price per square foot went from $454 to $572. Co-ops had the weakest relative performance: The median price of a co-op rose modestly from $255,000 to $260,000 while the median price per square foot increased from $372 to $398. Do these numbers sound about right to you?
NYC Co-op, Condo sales prices rose 8% [Crain's]
City Proving Immune to National Housing Slump [NY1]