…In the final quarter of 2012, the Queens housing
market saw a sharp year-over-year bump in
prices, a modest slip in sales and listing inventory,
shorter marketing times, and less negotiability
between buyers and sellers. The historically tight
mortgage underwriting standards continued to
hold the impact of record low mortgage rates in
check. Both price indicators pressed above prior year
levels. Median sales price was up 13.7% from the
prior year quarter at $390,000, the highest level
in nearly 4 years. Average sales price showed a
similar result, rising 9.4% to $432,503 over the
same period. All market quintiles generally saw
gains in median sales price compared to the
prior year period…