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Friday, October 8 2010 - By Becky Harris
Movers crossing the bridge to Staten Island would find higher home prices
Moving to Staten Island is becoming more expensive, as home prices in that borough of New York City are rising.
The Staten Island Board of Realtors reported this week that prices on homes for sale in the borough are inching up, meaning that relocating families are selling their homes for more money than they have in the past. From June to August, the median price on a home in the borough was $390,000, 5.4 percent higher compared to the same time period a year earlier. Additionally, families are able to get their moving plans in gear sooner than they have in the past, as the average number of days a home spent on the market fell 4 percent during the same period. Year-to-date, home sales on the island were up 9.2 percent compared to the same time period last year, a remnant of the federal homebuyer tax credit, said the report. Sandy Krueger, SIBOR's CEO, said that while many buyers are moving now as a result of record-low mortgage rates and high affordability, others are having a difficult go of it, trying to time their moving plans in order to get the best home prices. Nationally, the most recent data from Standard & Poor's showed a much more modest price increase. Families in 20 major metropolitan areas across the country were moving into homes that cost an average 0.6 percent more in July compared to the previous month. More News |
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