After last quarter’s slow start to the year, Queens
housing prices and sales moved higher in the
spring market. The number of sales rose 2.8%
over the prior year quarter and showed the fourth
year-over-year increase in five quarters. Contract
volume was more robust, up 6.8% over the same
period. Listing inventory fell 14.5% to 4,403 over
the same period. With more demand and less
supply, the pace of the market moved faster. The
absorption rate, the number of months to sell all
inventory at the current rate of sales, fell to 5.1
months from 6.1 months in the year ago quarter.
The second quarter pace of the market was 49%
faster than the decade average of 10 months…