Real Estate Guides

Third Quarter 2008

Market Report provided by The Real Estate Board of New York
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The average sale price of a home in New York City was $783,000 in the third quarter of 2008, slightly higher than a year earlier ($782,000). However, since the first quarter 2008 the average sale price has been declining, due in part to the reduction in the number of condominium sales whose average sale price is higher than all the property types that comprise the Home category as well as the decline in the sale price city-wide of 1-3 family dwellings. The Manhattan average sale price of a home was $1,492,000 in the third quarter of 2008, up 12% from the third quarter 2007. Similarly, the average sale price for a Manhattan home has been declining since the first quarter 2008. Again, this decline is due in part to the decline in the number of condominium sales whose average sale price is higher than all the property types that comprise the Home category.

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