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

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

“The high end of the New York City home sales market slowed thisquarter in comparison to past quarters,” says REBNY president JohnH. Banks. “Average sales price growth in areas outside Manhattanoffset this decline and led to year-over-year stability in theaverage sales price for a home in New York City.”