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Brooklyn sales drop

Brooklyn brownstones

Brooklyn experienced a 16 percent year-over-year decline in sales volume in the first quarter, according to a market report by appraisal firm HMS Associates. 

Despite the dip in sales, the average sales price increased 3 percent to $627,324, from $609,368 in the first quarter compared to last year, according to the report, which is based on 16 Brooklyn neighborhoods.

Sam Heskel, executive vice president of HMS, reported that sellers remained reluctant to lower prices, hoping to get a good price for their homes. At the same time, many buyers are sitting on the sidelines, waiting for the predicted drop in price, bringing down the sales volume, the report said.

The report covered the brownstone Brooklyn area but did not analyze data from the neighborhoods with the highest number of subprime mortgages, although a study of those areas conducted by the firm one month ago â€" including Bed Stuy, East New York, Brownsville and Ocean Hill â€" revealed a 64 percent drop in sales volume. The average price in those neighborhoods dropped 4 percent.