Outer boroughs post bigger housing gains than Manhattan

An aerial shot of Manhattan and Brooklyn
An aerial shot of Manhattan and Brooklyn

Housing market gains in New York City’s outer boroughs are eclipsing those  in Manhattan, the Wall Street Journal reported, citing data from the Real Estate Board of New York .

City-recorded sales of homes in Brooklyn, Queens and Staten Island – including condominiums and co-ops – rose 13.4 percent year-over-year in the second quarter, shows a new report from REBNY report. Overall Manhattan sales were flat year-over-year in the second quarter, as The Real Deal reported.

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For single-family and multifamily houses, the difference was even more stark: the other boroughs recorded 4,486 sales  in the second quarter, a 20.5 percent from a year earlier. Manhattan sales  also rose from 2012, but Brooklyn and Staten Island posted much bigger increases.

The pattern, excluding Manhattan, mirrors what is seen in the single-family market across the country, Mike Slattery, REBNY’s vice president for research, told the newspaper.

“Outside Manhattan the bounce back has been more recent,” he said, adding that the data showed that with the median price of a one-to-three family house at $458,000, “the middle class can afford to live in New York City.” [WSJ]  – Hiten Samtani