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Home sales in New York City continued to decline in the fourth quarter, reaching their lowest level since 2Q 2009, according to the NYU Furman Center for Real Estate and Urban Policy.
Transactions citywide fell 11% to 5,621 from 6,316 a year earlier. They fell 15% from the third quarter’s total of 6,613.
“On the other hand, housing prices seem to have stabilized with little change compared to a year ago,” said Vicki Been, director of the Furman Center for Real Estate and Urban Policy.
The center found that foreclosure starts fell in most of the city, with 33% fewer foreclosure notices issued in the quarter compared to the year-ago period. However, there were far fewer foreclosures in Manhattan than in any of the other boroughs.
According to the New York State Association of Realtors, the state’s overall housing market experienced a double-digit sales increase in February from a year earlier, even while sales declined from January.
— Justin T. Hilley
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