NYU Furman Center Quarterly Housing Report Finds Home Sales Down in Every Borough, Foreclosures Down Citywide but Up in Manhattan

Report by Meghan Lewit
March 28, 2012

Furman Center for Real Estate and Urban Policy   (New York)

March 28, 2012—According to the New York City Quarterly Housing Update (Q4 2011) released by NYU’s Furman Center for Real Estate and Urban Policy, home sales volume continued to decline in the fourth quarter of 2011, with the number of transactions citywide down 15 percent from the previous quarter and 11 percent from the fourth quarter of 2010.  

“Transactions were down in every borough, and sales volume citywide was at its lowest level since the second quarter of 2009,” said Vicki Been, director of the Furman Center for Real Estate and Urban Policy. “On the other hand, housing prices seem to have stabilized with little change compared to a year ago.”
New construction showed no sign of recovery. The number of units authorized by new residential building permits fell by 60 percent citywide between the third and fourth quarters of 2011.