Showing posts from November, 2013

NYC residential sales hit six-year high

New York City’s residential sale market broke new ground last quarter.  City-wide sales reached a six year-high in sales values in the third quarter according to REBNY’s NYC Residential Sales Report.  Released in the middle of October, REBNY’s Residential Sales Report is the most comprehensive quarterly review of recorded transactions available and includes data from all five boroughs.  The City saw impressive increases in part because increased competition and limited inventory encouraged buyers to act briskly and decisively.  Mortgage rates near historical lows and climbing residential rents added to the attractiveness of home ownership at the moment. The total value of all home sales in the five boroughs was $11.3 billion in the third quarter, up over thirty percent from both last quarter and third quarter last year.  The average sales price rose three percent from last quarter to $806,000, while the median sales price increased four percent to $515,000.  The volume of home sal