NYC prices, sales volume remain low according to Furman Center report

Despite a slowly stabilizing Manhattan residential market, outer borough woes continue to drag down overall New York City sales volume and price, according to a fourth-quarter report from New York University’s Furman Center. Sales volume across the five boroughs dropped 33 percent between fourth-quarter 2010 and the last quarter of 2009, while the average sales price dropped 9 percent during the same time period. Queens home prices have suffered the most throughout the downturn, according to Vicki Been, faculty director at the Furman Center, dropping 42 percent since the market peak. “Queens has been hard hit by the housing market slow down and [has] yet to show signs of a turn around,” Been said. [NYU]