Friday, January 13, 2012

Brooklyn and outer-borough sales outperform Manhattan

Outer borough housing markets hold up better than Manhattan’s: REBNY

January 11, 2012 10:00AM

Houses near the Brooklyn-Queens Expressway

In an unusual twist, home prices in the outer boroughs held up better than those in Manhattan in an overall dreadful fourth quarter, according to the latest figures from the Real Estate Board of New York cited by the Wall Street Journal.

While the median price in Manhattan tumbled 8.5 from the prior year quarter to $750,000, prices actually inched up by 2.9 percent in the Bronx to $350,00 and 1.4 percent in Brooklyn to $473,000. And while the median prices in Queens and Staten Island fell 4.8 percent and 5.2 percent, respectively, that’s still less than the declines in Manhattan. Citywide, the price drop measured 2.3 percent.
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