Home sales rebound in NYC: report

July 19, 2010 04:30PM

New York City’s housing market continued its rebound in the second quarter of 2010
as the total amount of residential real estate sales increased 72
percent by dollar amount compared to the second quarter of 2009,
according to a new report by ResidentialNYC.com, the public real estate
listings site of Real Estate Board of New York. The value of all deals
increased to $7.6 billion last quarter, up from $4.4 billion in the
second quarter of 2009 (note: correction appended).
The REBNY report also found that the average sales price for all homes
citywide — including co-ops, condos, and one-to-three family units —
increased to $728,000. Citywide, apartment sales volume increased
year-over-year 65 percent. In addition, Manhattan apartment sales
volume increased 82 percent, while in Brooklyn it increased 62 percent.
Recent market reports from the city’s major residential brokerages
similarly declared that home sales volume has increased citywide, but
found that prices have remained flat. “The trend that emerged in
previous quarters is enduring, and we are optimistic that this
indicates a return to a healthy market,” said Steven Spinola, president
of REBNY “Although these developments are promising, the resurgence is
dependent upon continued economic recovery.” TRD