NYU’s Furman Center for Real Estate and Urban Policy finds foreclosures continue to rise citywide; New housing development signals a recovery in the market New York, NY— Manhattan sales prices have reached a new peak, surpassing the prior prerecession peak achieved in the fourth quarter of 2007, according to the 2013 Quarterly Housing Update: 2nd Quarter PDF released today by NYU’s Furman Center for Real Estate and Urban Policy. Citywide, sales prices have increased 10 percent since the second quarter of 2012.
Residential sales volume across the city also grew over the previous quarter and the same quarter of last year. Year-to-year sales volume grew most significantly in Staten Island, though each borough saw a modest increase.
Indicators of new housing development continue to suggest growth. In the second quarter of 2013, developers secured permits to build more than 4,000 new units—an increase of over 1,000 new units over the same period in 2012. Brooklyn and the Bronx led the city in authorized permits, with over 1,000 new units secured for each borough.
Despite all those signs that the market is recovering, foreclosure filings across New York City have not slowed down. Since the second quarter of 2012, foreclosure filings across New York City have increased 37 percent. Roughly half of the affected one- to four-family and condominium properties had already received a filing since 2005, indicating continued distress among those homeowners, rather than properties entering foreclosure for the first time. While each borough saw at least a 20 percent rise in foreclosure filings, Brooklyn and Staten Island saw the largest growth over the previous year.