Ilya Marritz
Ilya Marritz covers business for WNYC.
New York Housing Prices Slump Again in First Quarter
Thursday, April 02, 2009
New York, NY –
Those looking for bottom in the New York housing market will have to wait a little longer. The city's biggest real estate brokers released their first quarter figures today, and the vital signs do not look good.
Brown Harris Stevens recorded a $15,000 drop in the average price of a one-bedroom co-op, compared with last quarter. And Prudential Douglas Elliman had a 13 percent year-to-year drop in the median co-op sale price.
Real estate analyst Jonathan Miller says get used to it.
MILLER: We're really looking at a market that's 20-25 percent below where it was in the summer. And we're looking at a level of activity that's roughly half of what it was at this time last year -- which is essentially a new market.
REPORTER: Expensive properties have suffered the steepest decline. One agency recorded eight closings above 20 million dollars last winter. This year, there was just one.
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