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Report: Home sales prices rising across city

Home sales are on the rise!

Home sales are on the rise! Photo Credit: iStock

All five boroughs saw housing prices rise in the second quarter of this year, a phenomenon largely due to the increasing cost of condominiums in Manhattan, according to a report from the Real Estate Board of New York, released on Thursday.

There were $10.4 billion in home sales in the second quarter this year, a 17% increase from the same period last year. This encompassed all residential home sales, including co-ops, condos, and multiple family homes.

The biggest increase was in Manhattan where sales went up by 20% from last year to $5.96 billion, according to the report. In Brooklyn, there was a 10% increase, equating to $2.16 billion in sales.

The average price of a home in all five boroughs rose to $923,000 in last quarter, a 12% increase from the second quarter in 2014.

That was largely driven by Manhattan where the average price of a condo increased by 31% to more than $2.3 million. The Upper East and West sides had the most sales, according to the report. Brooklyn saw significant activity in Bedford Stuyvesant and the Bay Ridge/Fort Hamilton areas, REBNY found.

Other popular areas throughout the city included Rego Park, Forest Hills, Kew Gardens in Queens, and Riverdale and Fieldston in the Bronx.

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