NYC housing market showing signs of stabilization

A recent report shows that while home sales in New York City were down quarter-to-quarter, they were actually better than they were a year earlier.

Data from the New York University Furman Center for Real Estate and Urban Policy showed that third quarter home sales in the city were 14 percent lower compared to the previous quarter, but still higher than sales from a year earlier, when buyers had the added incentive of the federal homebuyer tax credit to encourage them to get moving. Prices have also remained largely steady since last year, experiencing only slight fluctuations - though they are 22 percent off peak figures from a few years ago.

Manhattan experienced the city's steadiest moving growth, pushing sales and prices higher. Sales in that borough were 25 percent higher compared to a year earlier and prices had also increased 10 percent.

"Manhattan was the last borough in to the housing market slowdown, and it appears to be the first to climb out," said Vicki Been, the department's faculty director.

On a grander scale, the state as a whole has not enjoyed strong attention from relocating families. The New York State Association of Realtors said that statewide, home sales dropped 7 percent in October from the previous month.
 

More News