Nationwide home prices showed their first monthly gain in three years
in May, according to S&P/Case-Shiller Home Price Index data
released today, indicating that the housing market may be stabilizing.
But New York isn’t improving as quickly as some other areas. Home prices within a 50-mile radius of New York City fell 12.2 percent
in May from the same month last year, and stayed roughly the same as
the previous month, said Maureen Maitland, the vice president of index
services for Standard & Poor’s, the provider of the report.
That’s a slight improvement from the previous months. New York prices
fell 1.6 percent between April and March of this year, and posted a
record decline of 2.5 percent between February and March. Since the
data does not include condo or co-op units, the report primarily
reflects home prices in the outer boroughs, Connecticut, New Jersey and
Westchester County. More
