Brooklyn housing prices moved higher with
expanding sales and declining inventory. Median
sales price increased 8.9% to $659,000 from the
prior year quarter, a 15-quarter trend that began
in the fourth quarter of 2012. Average sales
price followed the same pattern, rising 3.6% to
$816,827 over the same period. The median
sales price for condos up 10.6% to $773,926, coops
up 20% to $390,043, and 1-3 family houses
up 2.9% to $700,000 respectively over the same
period. For much of the market, prices continue
to move higher due to constrained supply
and higher demand. Simply put, the Brooklyn
housing market has remained on a tear – along
with its global brand – that began more than 5
years ago…