Home sales in New York rose 4.8% in the first-quarter when comparing the period to the fourth-quarter of 2011, a new report from NYU's Furman Center for Real Estate and Urban Policy said Tuesday.
The research institution also said prices in New York appreciated 3.5% from last year.
While sales and prices rose citywide, individual boroughs suffered different fates, with home sales in the Bronx going up 5.2% from the previous year while still declining 2.9% from the prior quarter. In addition, Bronx home prices fell more than 9% between the fourth quarter of 2011 and the first period of 2012—the largest quarter-over-quarter decline on record since 2002.
Staten Island home sales rose more than 43% between the final quarter of 2011 and the first quarter of 2012, but that volume is still much lower when compared to year ago levels.
"We saw an increase in home sales citywide in the first quarter of the year following a period of decline," wrote Ingrid Gould Ellen, co-director of the Furman Center for Real Estate and Urban Policy. "Yet, sales volume and property values remain well below their peak levels."
New York showed signs of a recovery in the first quarter, but foreclosure starts remain 20% higher than the average number recorded per quarter in the the six-year period stretching from 2000 and 2006. Foreclosure notices issued in New York during the first quarter fell 26.1% from year ago levels, but rose 6.2% from the fourth quarter of 2011.
The number of New York City homes impacted by foreclosure fell 21% from last year, hitting 6,827 homes. Still, that is up 12.2% from the previous quarter.
New construction appears to be popping up, but not at levels significant enough to restore New York to pre-financial crisis levels.
"While new construction increased substantially during the quarter, with 629 units authorized by new residential permits, this number remains well below the 7,100 new units authorized per quarter between 2005 and 2008," the report said.