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The week in real estate market reports
A weekly feature bringing you the industry’s latest intel
In the latest batch of New York City real estate market reports, Manhattan and Brooklyn home prices continued to climb in April and nationwide home sales reached its highest in a decade. Commercial reports show small multifamily owners are less likely to take out a mortgage and Lower Manhattan’s Downtown Alliance spent more than any other business improvement district in the city. Check out more in our roundup of the week’s market reports.
Residential
May 2016 pending home sales: National Association of Realtors
Nationwide pending home sales reached a 10-year high in April, and was up for the third consecutive month. Read the full report here.
Manhattan luxury contract May 16-22: Olshan Realty
Manhattan’s luxury market saw a spike in contracts signed during the third week of May. Thirty contracts were signed for homes priced $4 million above, the highest so far this year. Read the full report here.
Manhattan and Brooklyn home prices: StreetEasy
Home prices continued to rise across Manhattan and Brooklyn in April. The median price for a Manhattan home rose 2.9 percent year-over-year to $975,017. In Brooklyn, the median price jumped 7.3 percent to $549,995. Read the full report here.
Commercial
Mortgage financing for small multifamily properties: NYU Furman Center
Owners of small multifamily buildings with between 5 and 49 residential units are less likely to take up mortgages than larger multifamily owners. Those small multifamily buildings without mortgages are also generally in better condition. Read the full report here.
Business improvement districts trend report: Small Business Services
New York City’s 72 business improvement districts spent a collective $127 million in 2015. The Downtown Alliance, which represents Lower Manhattan, spent more than any other BID last year, with expenses totaling $20 million. Read the full report here.