This summer the city continued to be immune to the rest of the country’s housing woes, according to a report released by the Real Estate Board of New York. REBNY’s third quarter stats show the average price of homes in the city up 20 percent from the same time last year, to $782,000; Brooklyn prices averaged $621,000, an 8 percent hike over 2006. The average condo price in Brooklyn, meanwhile, was $613,000, a slightly more modest 5 percent rise over last year. Good news, of course, but we have to wonder whether the fourth quarter’s going to look this rosy. Predictions?
Report: City Sizzles Amid U.S. Housing Market’s Big Chill [NY Post]
When Will the Real Estate Bubble Burst? [AM New York]