Just wow! I had to post it.
New York City second-quarter home sales were nearly cut in half from one year ago, but prices and even new building permits went up, according to a study from New York University Furman Center for real estate and urban policy.
Home and condominium sales totaled 4,200 in the second quarter, down 40% from the same period last year and a 20% drop from the previous three months. The National Association of Realtors said the overall U.S. housing market started the third quarter with a steep drop in existing home sales, which could mean the New York City market could slow even further.
Other indicators in the market pointed up.
Read it allHome prices citywide increased 6% from the first quarter but remains 21% down from the peak. Prices increased 8% in the Bronx and Brooklyn from the previous quarter but remain more than 20% down from their peaks, according to the study.