Since last fall, price indicators for the Queens
housing market have been rising. An improving
local economy, low mortgage rates, and low
inventory have played a role in the increases.
Median sales price jumped 20.7% to $446,434
from the same period last year and the ninth
increase of the past 11 quarters. Average sales
price followed the same pattern, rising 14.6% to
$492,340 over the same period. Low inventory
has been a key reason sales had declined from
the prior year quarter. There were 4,695 listings in
the first quarter, down 16.4% from the prior year