Furman Center Quarterly Housing Report: Manhattan Sales Prices Peak for Second Consecutive Quarter

Manhattan sales prices reached a new peak for the second consecutive quarter, according to the 2013 Quarterly Housing Update: 3rd Quarter (PDF), released today by the NYU Furman Center. Brooklyn saw the largest gains in price appreciation over the previous year, rising 15 percent, while the Bronx, Manhattan, and Queens showed gains over 10 percent.

The report also found that residential property sales volumes increased in each borough compared to the previous quarter and the same quarter last year. This continues a trend of year-over-year increases observed in the second quarter of 2013.

The 2013 Quarterly Housing Update: 3rd Quarter also found that more households in New York City were affected by foreclosure. Citywide, new foreclosure filings rose roughly 15 percent since the same quarter last year. The increase in affected households was highest in the Bronx and Staten Island, while Queens and Manhattan each showed very small increases. The number of total foreclosure filings reached a new peak in the Bronx, surpassing the past peak by five percent.

The NYU Furman Center's Quarterly Housing Updates analyze six key indicators of housing market performance based on a variety of administrative data sources. The reports incorporate a complete picture of sales data, residential development indicators, and foreclosures in New York City. They also present a localized repeat sales index for each borough to capture price appreciation while controlling for housing quality.

See the 2013 Quarterly Housing Update: 3rd Quarter or the February 19, 2014 press release.