NEW YORK, NY January 15, 2008 —The housing market slowdown has finally touched New York. The city's annual assessment roll, considered the most authoritative account of city property values, showed market values increased by just 1.4 percent last year, compared to 19 percent in 2006.

REPORTER: Finance Commissioner Martha Stark says she's not surprised that the city is no longer showing double-digit growth.

STARK: We expected that to taper off. I don't purport to be an expert on a national housing market, but New York City has certainly done better than a national housing market and we expect that to continue.

REPORTER: Queens, Brooklyn, and Staten Island all saw drops in their properties' values, with Staten Island showing the biggest decline of 3.3 percent. Stark says that's because Staten Island has more single family homes, and tends to more closely reflect national housing patterns.