Home Prices Up, Sales Increase for Homes in NYC

Reversing the trend that began last year, average home prices in New York edged upward in the third quarter of 2009 compared to the previous quarter, which could be a sign that the market is leveling off, according to a new report by ResidentialNYC.com, a public real estate listings website of The Real Estate Board of New York. Average home sales prices for cooperatives, condominiums and one-to-three family dwellings increased by 6% in Brooklyn to $534,000 and by 3% in the Bronx to $367,000 compared to the second quarter of 2009. Average prices in Queens increased by 1% to $406,000 and Staten Island home prices declined by 1% to $382,000 compared to last quarter. The report found that citywide sales volume increased 35% to 9,734 compared to last quarter. Manhattan sales volume increased 59% to 2,840 while sales volume in Brooklyn increased 27% to 2,102. "The residential real estate market came back to life in the third quarter. The trend needs to continue for at least two more quarters before we can say with confidence that a recovery is underway," said Steven Spinola, REBNY president.