NYC Residential Third Quarter 2011

Market Report provided by The Real Estate Board of New York

Despite the continued national economic weakness, tumultuous credit and equity markets, and the disarray in Euro economies, the New York City residential sales market stood firm. Total NYC residential sales consideration was up 8.41 percent from the second quarter to $8.04B. Compared to last year, residential consideration was down 3.89 percent. This was mainly due to the first time home buyer tax credit closing dead- line being extended into the third quarter of 2010. Due to that extension many sales that were being rushed to close in the second quarter closed in the third quarter, raising the total consideration for that quarter. Therefore the tax credit extension had the effect of artificially making the third quar- ter of 2011 look weaker in comparison.