search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aCity Council approves zoning change to greenlight casinosCity Council approves zoning change to greenlight casinos“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87M
New York

Prices up, inventory shrinks in Brooklyn 

 
Despite a reported increase in foreclosures and short-sales plaguing some neighborhoods, Brooklyn showed an overall increase in both average and median sales price in the first sixth months of 2008, compared to the prior-year period, according to a mid-year market report prepared by PropertyShark.com and Corcoran.

Sign Up for the undefined Newsletter

The average price crept up 5 percent to $621,000, while the median sales price for the borough climbed a bit faster, up 10 percent to $560,000.

Inventory is coming down in the borough, according to the report, as more homes are coming off the market than are going on. The number of home listings in Brooklyn was down 2.3 percent to 2,679 in June, compared to 2,742 the previous month. In June, 18 percent of the listed inventory was new that month, down from 26 percent in May.