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NYC Residential Sales Market = a Mixed Bag in 2Q REBNY Unveils Its Latest Survey

(iStock.com)

The New York City residential sales market continues to be on a streak—but for the wrong reasons.

According to the 2018 second quarter report released by the Real Estate Board of New York (REBNY) last week, the New York City residential sales market recorded an 8.2 percent drop in citywide consideration (monetary value for completed transactions) to $12,259,474,131. 

The average sale price for a home (referring to all co-ops, condos, and 1- to 3-family dwellings) in the Big Apple in this most recent quarter was $1,000,000, a 5 percent decline from the same period a year ago. The number of home sales in the city was 12,262, a drop of 4 percent year-over-yer.

The findings for second quarter 2018 marked the fourth consecutive quarter of year-over-year declines in New York City's total residential sales consideration. “The market has not experienced four quarters of consecutive year-over-year decreases since the third quarter of 2009,” said REBNY in its report.

Specifically for New York City condos, REBNY said that the average sale price was $1,707,000 in second quarter 2018, a drop of 10 percent year-over-year. The median sale price of a New York City condo was $916,000, a decline of 8 percent from the same period a year ago. The number of condo sales in the Big Apple was 2,737, a 14-percent year-over-year decline.

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