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REBNY: Q4 Residential Sales Soared Citywide

NEW YORK CITY-A new report shows increases across Manhattan as well as the outer boroughs.

By Rayna Katz | Updated on January 15, 2014

NEW YORK CITY-It’s not only the office sector that had a top notch fourth quarter of 2013. The city’s residential sales market sustained its robust performance in the fourth quarter of 2013 on a year-over-year basis as Manhattan properties continued to see steady demand, according to the Real Estate Board of New York‘s Q4 NYC residential sales report. At the same time, sales activity in the outer boroughs flourished amid a steadily improving economy and greater clarity on the movement of mortgage interest rates.

Total consideration, the total dollar value of all home sales in the five boroughs, was $9.6 billion in the fourth quarter, an increase of 29% compared to the fourth quarter of last year, reports REBNY. Total consideration for Manhattan was $5.3 billion for the fourth quarter of 2013, up 20% from the fourth quarter of 2012. In Brooklyn, the total consideration of residential sales was $1.9 billion, an increase of 38% over the fourth quarter of last year.

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