Banks III: “This heightened activity in residential sales sets us up for a promising remainder of 2016.”
NEW YORK CITY—The value of home sales completed in the third quarter reached a record-setting level, while prices soared in four boroughs, according to a new residential sales report from the Real Estate Board of New York.
The city's market for home sales (including cooperatives, condominiums, and one-to-three-family dwellings), posted a record $13.6 billion in total consideration—or monetary value for completed home sales transactions—REBNY reveals. This 15% spike year-over-year is the greatest total value of home sales transacted in New York City within a single quarter since REBNY began tracking such data in 2006.
Additionally, the average sales price for a condominium in Manhattan hit a new record of nearly $3 million, driven by sales in high-priced, new developments. Meanwhile, the average sales prices for a home in Brooklyn, Queens and the Bronx also reached new highs in the third quarter. Year-over-year, the average sales price for a home increased 8% to $891,000 in Brooklyn; six percent to $523,000 in Queens; and three percent to $400,000 in the Bronx.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
