Brooklyn Fuels $50B NYC Homes Sales Record

REBNY president John Banks

NEW YORK CITY—Thanks to an all-time high $11 billion in residential sales in Brooklyn, the home sales market in New York City last year reached a new record at $50 billion, according to the Real Estate Board of New York. This despite a recent sharp decline in luxury home sales in the city.

REBNY in its year-end residential sales report notes that fourth quarter 2017 sales activity citywide in cooperatives, condominiums, and one-to-three-family dwellings ranging from $1 million to less than $3 million rose 10% as compared to the same period a year earlier. The number of home sales recorded for properties in the $5-million or greater price range plummeted 38% in Q4 ’17 as compared to 12 months earlier.