Prices for luxury homes in New York are rising at a faster rate than the rest of the market, bucking a trend playing out across much of the nation.
The price per square foot for homes in New York’s top-tier neighborhoods increased 16.9 percent in the last year through May 2014, according to Trulia data cited by Forbes. Prices outside the top tier, meanwhile, increased only 8.2 percent.
During the same period, Trulia reported that costs increased 6 percent nationally in zip codes where prices are in the top 10 percent. Prices in neighborhoods outside that group rose 9.3 percent in cities throughout the country.
Other metros where prices are rising at a faster pace then those for non-luxury homes include Columbus and Cincinnati, Ohio; Austin, Texas; Philadelphia, Pennsylvania; and St. Louis, Missouri. [Forbes] – Tom DiChristopher