The current scenario of New York homes for sale

The New York homes for sale figures have touched a record of Six Year all time high sales market value with five boroughs of New York City that include Manhattan, Brooklyn, Bronx, ueens and Staten !sland showing an increase and highest total sales considerations since "##$ as %er the re%orts of &eal 'state Board of New York (&'BNY)* This increase in the total consideration can be linked to the fact that the mortgage rates are continually increasing thus encouraging buyers in taking decisive actions +uickly* The figures obtained from the &'BNY states that the total consideration of residential sales in the real estate NYC has been the highest in the %ast six years* Manhattan recorded the total consideration of ,-*- billion for the last +uarter, which is an increase of ."/ above the third +uarter of "#0" and is .1/ higher than the consideration for the second +uarter* The other borough to follow is Brooklyn with a total sales consideration of ,"*" billion, which is an increase of .0/ and 2./ for the third +uarter of "#0" and for the last +uarter res%ectively* The buyers are considering %urchasing the available New York homes for sale with ownershi% turning to be the better o%tion than living as a tenant in the available New York apartments for rent. The residential rents are very high showing no signs of receding and on the other hand, mortgage rates are still low as com%ared to other factors that are encouraging buyers to make a buying choice* The sales volume of New York homes for sale taking %lace in the five boroughs of this city (Manhattan, Brooklyn, com%ared to last year that is "#0"* The median sale %rices of homes were at ,303,### that is 2/ higher than the third +uarter of "#0" and the %revious +uarter* The increased activity in the New York real estate is not limited to the Manhattan and the %rime Brooklyn real estate markets with one to three family dwellings in Brooklyn and ueens standing at 0,111 and ",2#4 transactions res%ectively that showed an overall increase in the market activity* The increasing trend in New York properties for sale was %articularly strong in the 5%%er 'ast Side where the sale %rice of a coo%erative unit was ,0*3 million, which is an increase of 1/, com%ared with third +uarter of "#0"* ueens, Bronx and Staten !sland) has increased to 02,#$. transactions, which is an increase of "1/ as

!n totality, the number of homes over the value of ,0# million increased to .2 from "" in the %revious +uarter and "$ in the third +uarter of "#0"* The other side of the story is that this city is ex%eriencing a shortage of non6luxury a%artments or units %riced under ,. million* 7reviously, the non6luxury sector accounted for about 4#/ of the housing inventory in New York but that has declined by more than one6third during the last three +uarters* 8n the other hand, the inventory of luxury a%artments (the to% ten %ercent) fell only by .*4/* The %rices of luxury apartments for sale are done to 1*4/*