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John Banks III Banks: “2017 is off to a strong start following the tempered fourth quarter of last year.”

NEW YORK CITY—The local residential sales market started 2017 with robust activity and price growth in the first quarter of the year, according to the Real Estate Board of New York’s residential sales report.

Citywide consideration (monetary value for completed transactions) for all home sales (cooperatives, condominiums, and one-to-three-family dwellings) rose 15% from the first quarter of 2016 to $12.3 billion in the first quarter of 2017. Residential sales consideration increased in each of the five boroughs during this time period due to rising average home sales prices and volume.

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