WOW. THAT DIDN’T TAKE LONG
Given what was going on with the financial system back then, if you'd told me in 2008 that in five years New York-area housing markets would be setting new records
Given what was going on with the financial system back then, if you’d told me in 2008 that in five years New York-area housing markets would be setting new records, I’d have told you that you were nuts. I’d have been wrong:
Home prices in Brooklyn, New York’s most populous borough, surged to a record as low interest rates and rising rents across the city swelled demand for homeownership amid a dwindling supply of properties for sale.
The median price of condominiums, co-ops and one- to three-family homes that sold in the second quarter was $550,000, up 15 percent from a year earlier and the highest in more than a decade of record keeping, New York-based appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report today. The inventory of listings fell 19 percent to 4,704, the lowest for a second quarter since Miller Samuel began tracking the data in 2008, said Jonathan Miller, the firm’s president.
“You choke off supply, you have a slowly improving economy, and prices rise,” Miller said. “And then you compound it by widening your source of demand, when one of your competitors — Manhattan — is experiencing the same inventory problem.” [Emph. added]
Kind of remarkable. . . .