NEW YORK—The housing market in New York City appears to be on the upward climb as sales pick up and price declines slow. Hit hard by the recession more than a year ago, forecasters have been reluctant to identify the bottom of the slump, but remain positive that the residential market will stabilize this year.
Sales volume is up by 20 percent in the third quarter of 2009 throughout the city, reaching 11,691 deals, according to a fourth-quarter report by The Real Estate Board of New York (REBNY).
Manhattan sales volume increased 17 percent to 3,318 and Brooklyn sales volume increased 22 percent to 2,574 quarter-to-quarter, the report said.
The total dollar value of sales also rose 22 percent from the previous quarter to reach $7.9 billion. The increase compared to the same quarter in 2008 was 18 percent in total dollar value.
The total dollar value also increased 18 percent compared to the fourth quarter of 2008, said the report.
“The data in this report is an encouraging sign that the residential real estate market is headed in a positive direction and indicates the beginning of a recovery,” said Steven Spinola, REBNY president in a release. “Although we may not be seeing the all-time high prices that we were achieving before the downturn, we are observing a pattern that says things are definitely getting back on track.”
Sales volume is up by 20 percent in the third quarter of 2009 throughout the city, reaching 11,691 deals, according to a fourth-quarter report by The Real Estate Board of New York (REBNY).
Manhattan sales volume increased 17 percent to 3,318 and Brooklyn sales volume increased 22 percent to 2,574 quarter-to-quarter, the report said.
The total dollar value of sales also rose 22 percent from the previous quarter to reach $7.9 billion. The increase compared to the same quarter in 2008 was 18 percent in total dollar value.
The total dollar value also increased 18 percent compared to the fourth quarter of 2008, said the report.
“The data in this report is an encouraging sign that the residential real estate market is headed in a positive direction and indicates the beginning of a recovery,” said Steven Spinola, REBNY president in a release. “Although we may not be seeing the all-time high prices that we were achieving before the downturn, we are observing a pattern that says things are definitely getting back on track.”
