-Number of sales edged higher as inventory fell sharply.
-Monthly absorption rate (Inventory/sales) at fastest pace in 2 years.
-Luxury market (starts at $999k) outperforming the overall market.
-New dev market share has remained stable for two years.
-Mortgage underwriting still “irrationally tight” but mortgage rates continue to fall to record lows.
-Regional economy slowly improving.
Here’s an excerpt from the report:
…The Brooklyn housing market could best be described as having stabilized prices and sales, largely due to falling inventory and a slowly improving regional economy. Unusually tight mortgage lending conditions have tempered further improvement. Median sales price was $477,108, nominally below $480,000 in the prior year quarter. The average sales price increased 2% to $585,777 from $574,387 over the same period…
The Elliman Report: 2Q 2012 Brooklyn Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Brooklyn Sales [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]