The residual waves of Hurricane Sandy just won’t let up for Rockaway residents. According to a new report from Douglas Elliman, the average home price in the Rockaways dropped by 30 percent to $348,095 in the fourth quarter of 2012, year-over-year, the New York Daily News reported.
Moreover, closings fell by more than 60 percent to just 31 in the same quarter — the lowest number in almost six years — as many closings were delayed and buyers scared off by the storm.
As it happens, the Rockaways had been basking in a housing rebound before the storm struck, with price increases for four consecutive quarters.
“This is clearly a setback,” Jonathan Miller, CEO of appraisal firm Miller Samuel, told the Daily News. “I think we will see the Rockaways lag for the next couple years as homes are rebuilt.” [NYDN] –Christopher Cameron