City Real Estate Prices Continue to Erode
Wednesday, July 08, 2009
New York, NY –
New York City's real estate market continues to erode. A report by the Real Estate Board of New York, found the average price of a co-op, condo or 1- to 3-family home dropped 22 percent, to $644,000 in the second quarter of 2009.
All five boroughs showed home price drops, with Manhattan leading the way with a 19 percent decline compared to last year. There are some bright spots. The board says prices rose for condos on the Upper East Side and in Park Slope, Brooklyn.
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