New York City home sales gaining footing

A strong volume of households moving into Manhattan is leading a surge in New York City residential sales.

The third quarter report from the Real Estate Board of New York revealed that sales in all five boroughs increased 18 percent from a year ago and 12 percent from the previous quarter. Manhattan enjoyed the greatest rise in moving activity, as home sales there were up 32 percent from the third quarter in 2009. Brooklyn home sales also increased 25 percent over the past year. Relocating families were also able to fetch higher prices for their homes, with the average sales price in the city rising 7 percent on a year-over-year basis to $722,000.

"The Manhattan market was certainly the dominant source for the transaction volume in terms of dollar amount and number of transactions, but other boroughs had equally strong growth in sales," Michael Slattery, senior vice president at REBNY, told Crain's New York Business. "The entire city is improving."

The news was a positive sign that New York's single-family home market is catching up to positive growth in the city's rental market. Reports from CitiHabitats and Prudential Douglas Elliman Real Estate earlier this month pointed to the large number of New Yorkers moving into apartments in the city.
 

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