Brooklyn and Queens Housing Markets Outpace Manhattan's

By Josh Barbanel Features Dow Jones Newswires

Home sales and prices increased across New York City during the second quarter, with activity in Brooklyn and Queens far outpacing that of Manhattan.

Continue Reading Below

Manhattan, which remains the most expensive borough, accounted for more than half of the $13.4 billion in total sales during the second quarter, according to a report by the Real Estate Board of New York.

But other boroughs are gaining. Sales rose 17% in Queens and 15% in Brooklyn in the second quarter compared with the same quarter in 2016. Manhattan sales, lagging the rest of the city, were up 6%.

Overall the report found that the number of homes sold, including both apartment and house sales, increased 15%.

The report put the median home price at $630,000 in the city, up 8% from the same quarter last year. The median price in Manhattan of $1.115 million rose 5%, less than all other boroughs.

The median price in Brooklyn jumped 17% to $775,000, while Queens rose 7% to $481,000.

Continue Reading Below

Sales outside Manhattan, where prices are lower, have fueled healthy year-over-year average sales price growth, said John Banks, president of the Real Estate Board.

The rebound reflects renewed confidence in the economy, following the uncertainty of the presidential elections, brokers said.

The luxury Manhattan housing market rebounded earlier than other segments of the market and in the other boroughs.

Write to Josh Barbanel at josh.barbanel@wsj.com

(END) Dow Jones Newswires

July 26, 2017 18:45 ET (22:45 GMT)