NEW YORK CITY-Average and median home prices in all five boroughs rose steadily in the second quarter of 2007 with average apartment prices rising 8% citywide and average prices for one-to-three-family dwellings increasing 5%, according to the Real Estate Board of New York’s Second Quarter New York City Residential Report.

According to the report, the average sales price overall for cooperatives and condominiums in New York City was $831,000, compared to $769,000 during the second quarter of 2006. For one-to-three-family residences, the average sales price was $622,000 compared to last year’s average of $592,000.

The report notes that Manhattan had the highest average sales price for an apartment at $1.2 million, with Brooklyn second at $484,000. For one-to-three-family dwellings, Manhattan recorded the highest average price at $5.2 million, while Brooklyn registered the next highest average sales price at $671,000. Queens one-to-three-family dwellings followed with an average sales price of $588,000.

“The New York City real estate market steadily increased in the second quarter of this year as both average and median prices for apartments and one-to-three family homes were on the rise citywide,” says REBNY president Steven Spinola. “Our citywide report was created to provide market indicators for all five boroughs and hence a complete picture of the overall market in the city. The report clearly demonstrates that, while everyone knows the Manhattan market continues to be strong, the boroughs outside Manhattan are bucking the trend in the rest of the country and seeing solid increases in home prices.”

The median sales prices for New York City apartments climbed 16% to $525,000 compared to $452,000 last year. Median sales prices for apartments also increased in each of the five boroughs. Queens and Staten Island had the highest percentage increases for cooperatives at 8% and 6% respectively. The Bronx and Manhattan showed the highest percentage increases for condominiums at 26% and 18% respectively.

“Median sales prices for apartments and one-to-three-family homes were up across the board during the second quarter,” adds Spinola. “The Manhattan market continues to lead the way with the highest increases for both categories.”

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