NYC home sales volume down, but so are foreclosures: report

New York /
Mar.March 28, 2012 03:30 PM

The fourth quarter of 2011 was a dismal one for the New York City residential real estate sector, per a study released today by New York University’s Furman Center for Real Estate and Urban Policy.

The volume of home sales — single-family, co-op and condominium — in the five boroughs was down 15 percent quarter-over-quarter and 11 percent year-over-year, the report says. The sales volume is the lowest recorded since the second quarter of 2009. And there is little hope of sales increasing soon, as the number of new residential building permits citywide was down 60 percent quarter-over-quarter, according to the report.

“Transactions were down in every borough,” said Vicki Been, director of the Furman Center. “[But] on the other hand, housing prices seem to have stabilized with little change compared to a year ago.”

Luckily, foreclosures were also down, as the number of foreclosures in all boroughs except Manhattan fell in the fourth quarter. Despite not dropping, the number of foreclosures in Manhattan was still far fewer than in other boroughs — the report shows only 100 owner households in Manhattan were “affected by foreclosure.” — Guelda Voien


Related Articles

arrow_forward_ios
Of the 110 metro areas with at least half a million people, 29 saw losses in 2020. (iStock)
More urban areas lost population in 2020
More urban areas lost population in 2020
Tomo Kipp, LeBron James, Jeff Conry and the Crystal View Court Mansion. (Getty, iAero, Compass)
Former Coconut Grove mansion of LeBron James sells for $13M
Former Coconut Grove mansion of LeBron James sells for $13M
Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Sen. Brian Kavanagh (Getty, iStock)
New York votes to extend eviction ban through August
New York votes to extend eviction ban through August
(iStock)
Manhattan home prices are rising as Brooklyn’s plateau
Manhattan home prices are rising as Brooklyn’s plateau
Avishai Abrahami with Ziel Feldman and Nir Meir, and 500 Bailey Ave, Buffalo, NY; 707 Spence Lane, Nashville, TN; 1100 Milwaukee Avenue, South Milwaukee, WI (Getty, Google Maps, NY Supreme Court)
Ziel Feldman, Nir Meir accused of fraud over $30M loan
Ziel Feldman, Nir Meir accused of fraud over $30M loan
Photo illustration of Fredrik Eklund and Dottie Herman (iStock, Getty)
Douglas Elliman expands into tight Texas housing market
Douglas Elliman expands into tight Texas housing market
(iStock)
Hot, hot, hot: Resi market sets new price records in March
Hot, hot, hot: Resi market sets new price records in March
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...