New York City home sales prices rose by double-digits in the third quarter of 2014, the Real Estate Board of New York (REBNY) reported Thursday.
At the same time, however, the overall number of sales declined from the same quarter in 2013.
The average sales price of co-ops, condos, and one- to three-family homes in the city rose 13% from $806,000 in the third quarter of 2013 to $910,000 in 2014. The surge was mostly driven by sales price increases in Manhattan, Brooklyn and Queens, according to REBNY.
Largely due to the openings of new developments, the average price of one- to- three-family homes in Brooklyn rose by 13% year-over-year, while the average sales price of Queens co-ops went up 9%, the Board reported.
"Sales activity has continued to be strong citywide as more transactions are completed at higher price levels across all property types," said Steven Spinola, REBNY president.
The average sales price for Manhattan condos increased by 29% to $2,163,000 year-over-year, according to REBNY. This can be attributed to the completion of developments that were put on hold during the economic recession.
A total of 11,954 New York City homes were sold in the third quarter in 2014, a 15% drop from last year. Sales of Manhattan condos and co-ops went down 20%and one- to- three-family homes in Brooklyn and Queens went down 17 and 15% respectively.