New York City home sales volume remained low in the third quarter, with the number of properties sold citywide 4% lower than the number sold in the third quarter of 2010, according to the New York City Quarterly Housing Update (Q3 2011) released by New York University's (NYU) Furman Center for Real Estate and Urban Policy.
Property values lagged in most of the city. Manhattan was the only borough where properties have appreciated in price over the last year, with home values only 7% off from their peak in the second quarter of 2008. On the flip side, home values in Queens depreciated 30% from their peak levels in the fourth quarter of 2006.
Foreclosures continued to slow citywide, with 32% fewer foreclosure notices issued in the third quarter, compared to the same quarter last year. Only the Bronx saw an increase in foreclosure rates over the second quarter, although 73% of all foreclosure notices were issued in either Brooklyn or Queens.
‘Sales volume continued to lag in the third quarter of 2011, showing little change since last quarter and remaining well below the sales volumes we've seen in the city in the past decade,’ says Ingrid Gould Ellen, faculty co-director of NYU's Furman Center for Real Estate and Urban Policy. ‘Sales volume this quarter was nearly 30 percent lower than the average quarterly sales volume we have recorded since 2005.’
The new quarterly housing update is now online.