NYC residential market showing faster improvement than rest of nation: experts

Despite a gloomy outlook for the nation’s housing market, New York City industry experts are reporting encouraging news on home prices during the third quarter of the year, according to the Wall Street Journal. Manhattan led the charge, with an 18.5 percent increase in median price to $900,000. Queens and Brooklyn saw their median prices climb 6.5 percent to $350,000 and 3.9 percent to $467,600, respectively, during the same time period. Meanwhile, Staten Island and the Bronx saw their median prices stay relatively flat; the former saw a 1.7 percent climb in median price to $376,000, while the latter dropped 1 percent to $310,000. The progress appears to be outpacing the rest of the country, according to Gregory Heym, chief economist with Halstead Property. “We didn’t lose the number of jobs that we thought and added jobs back quicker than we thought,” Heym said. “The [NYC] economy is recovering quicker than it is across the nation.” [WSJ]