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New York City enjoys record sales but prices are falling

According to the Real Estate Board of New York's 2017 Residential Sales Report, New York City's residential real estate market rounded out a year of healthy home sales activity with a record $50bn in transactions completed in 2017.

This new peak (monetary value for completed transactions) was driven by Brooklyn's all-time high annual consideration of $11bn last year.

However, the average sales price for a home in New York City decreased 1% in 2017 to $917,000 in the fourth quarter of 2017 and the average sales price of a home in Manhattan declined 7% to $1,803,000.

When compared to the fourth quarter of 2016, the average sales price of a home in Brooklyn rose 5% to $901,000; in Queens, prices grew by 11% to $595,000; in the Bronx they increased 7% to $422,000; and in Staten Island prices rose by 8% to $524,000.

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