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Brooklyn’s “terrible” inventory crunch slashes sales, boosts prices in Q3

…The strong demand for Brooklyn homes in the face of an inventory crunch meant that the absorption rate (which measures how long it would take to sell off all available homes) plummeted 29.9 percent to 5.4 months – the fastest seen in the past five years, according to Miller Samuel CEO Jonathan Miller, who authored the report.

“Brooklyn prices broke the peak seen in the third quarter of 2007,” Miller said, pointing to a combination of ever-tightening inventory and the increase of upscale housing stock….

…“Sales were impaired by lack of supply,” Miller said, “leading to sharp gains in price.”…

…In Brooklyn, “supply is much tighter in relation to demand,” Miller said, which is why the borough saw such big price spikes….

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