The total value of home sales in New York City hit $11.3 billion in the third quarter of 2013, its highest level in the last six years and a 32 percent increase over the same period in 2012, according to data from the Real Estate Board of New York.
The number of homes trading hands also increased 28 percent year-over-year to 14,073, the REBNY data show. Despite the increases in activity, prices held relatively stable, with the median sale price increasing four percent year-over-year to $515,000, the data show.
“It’s puzzling because you would think there would be more of an uptick in pricing,” Michael Slattery, senior vice president of research at REBNY, told Crain’s. “People are pricing cautiously.”
Queens saw the biggest spike in activity, with the number of sales up 40 percent quarter-over-quarter, to 4,201 transactions, the data show. The largest gains were seen in Flushing, which accounted for 13 percent of the borough’s sales.
The areas that saw the largest jumps in median sale prices included Roosevelt Island in Manhattan and Brooklyn’s Brownsville, Ocean Hill and Dyker Heights neighborhoods. Median prices in these areas more than doubled year-over-year, the data show. [Crain’s] – Hiten Samtani