REBNY data shows cautious progress in residential market

Average third-quarter home prices in New York City made moderate gains over the previous quarter, according to a report released today from the Real Estate Board of New York, as sales volume showed a 35 percent gain. Although home prices were down 14 percent from the same period last year, the average price rose 4 percent from this year’s second quarter. Steven Spinola, REBNY’s president, said that while the data signals solid progress for the residential market, the situation is still tenuous. “The trend needs to continue for at least two more quarters before we can say with confidence that a recovery is underway,” Spinola said. “Clearly, the market is not back to the high velocity of transactions and sales prices of the pre-financial crisis period.” TRD