Fourth quarter to show price increases

December 29, 2008 09:01AM

The fourth quarter of this year could show average and median home price increases from the third quarter, and from the fourth quarter of last year. Brokers and analysts say the decline in prices has not yet worked its way into official city records, the closed transactions filed with the city Department of Finance. The delay in reporting prices in New York is long because co-op sales require approval from co-op boards, and sales in new condominiums go to contract many months before closing. Jonathan Miller, president of appraisal firm Miller Samuel, said prices have fallen 15 to 20 percent in recent contracts, and that will show up in lower closing prices during the first quarter of next year.

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