Housing hot again! Home sales shoot up 18% in NYC

Lichoooo!

"The average price of a home jumped by 7%, to $722,000. The average was $1.33 million in Manhattan - an 8% gain from a year earlier."

Oh No...i'm still waiting for prices to drop.

w67thStreet,
If you can't afford to live in Manhattan, why don't you move? Bumming at your parent's place really isn't consider 'living' in Manhattan.

Isn't this old news, ericho?

"Sales" represent transactions that were initiated months ago. "Contracts," though, are current transactions - and they seem to have fallen off a cliff.

http://www.urbandigs.com/charts3.html

Am I missing something?

You don't OWN anything in Manhattan, so you HAVE NO Right to comment about 'affording' to live in Manhattan.

You loser.

"Isn't this old news, ericho?"

All good news is....good news. New or Old my friend.

Ericho - Julia may be the only person who listens to you. Isn't that enough to make you want to kill yourself?

Of course not.
I'm just trying to help some of you hopeless bears.

Look, i'm a good guy as most of you can tell. I know you are on these boards bashing the housing market in NYC so you can eventually get a better entry price. We can all agree, the bears influence on these boards have been an utter failure on the prices of NYC over the past 15-18 months.

I'm a happer camper.
My new home is up 15-20%.
My overall assets are through the roof over the past 18 months. Thanks to the recent bear market.

This cracks me up: "total sales prices climb 26%"

You know what they did? They summed up all the sales in NYC. Shill, or what?

Using that methodology, total sales prices can climb even if average / median sale prices fall, merely because there were more transactions.

"My new home is up 15-20%."

Since last Wednesday! Isn't housing amazing!

YahhhOOOOOOOOOoooOOOo

oh no..it's too late to buy...forever

i guess ill see what i can afford in LIC

Do you ever consider the macro outlook? Ever?

Let's play Match Game:

"Long Island City. Just the thought of it makes me ...."

Itchy!

sick !

spew!

Maybe LICC can play Brett Summers. She was kind of stupid, & ugly, RIP.

;)

LOL

I love it.

The more good news, the more the children come out to play.

http://www.usatoday.com/money/economy/housing/2011-07-20-existing-home-sales-fall_n.htm

"...Through the first six months of this year, the sales pace is behind last year's 4.91 million homes sold %u2014 the weakest sales in 13 years. Sales have fallen in four of the past five years.

The Realtors' group said a record number of people who signed contracts canceled deals last month. And first-time buyers fell to a smaller share of the market.

Declining home prices have kept many people from selling their houses and taking new jobs in growing areas. They have also made people feel less wealthy and that has reduced the consumer spending that drives about 70% of economic activity.

Roughly 16% of home deals were canceled last month, the highest level since such records began being kept more than a year ago. It was unclear what the chief reason was for the high rate. But some buyers have canceled purchases after appraisals showed that the homes were worth less than the buyers' initial bids. A sale isn't final until a mortgage is closed..."

OOPS!

sledge, oops is right. While housing is quite weak nationally, the title of thread specifically points to NYC. The data on our fair city's housing market is actually much better than you might think:

Volumes since 2008:

Year Qtr Studio 1BR 2BR 3BR 4BR All
2011 2 359 952 1,001 230 108 2,650
2011 1 314 870 906 219 85 2,394
2010 4 294 782 847 288 84 2,295
2010 3 237 947 1,025 349 103 2,661
2010 2 323 959 894 500 80 2,756
2010 1 290 837 839 279 103 2,348
2009 4 442 987 612 375 57 2,473
2009 3 385 756 676 308 105 2,230
2009 2 255 572 448 185 72 1,532
2009 1 185 413 480 81 36 1,195
2008 4 380 825 950 95 32 2,282
2008 3 479 967 1,045 125 38 2,654
2008 2 569 1,024 1,239 181 68 3,081
2008 1 475 771 905 76 55 2,282

Pending sales and active inventory:
http://www.urbandigs.com/chart.php?s1=Pending Sales&s2=Active&mindt=07/20/2010&maxdt=07/20/2011&Update=Update&t=Market Trends&interval_mindt=

Pricing of course, is down from peak, and relatively on par (nominally) with 2006.

Fking tool. Bjw, look at me I'm levelheaded. Like a nazi counting Jews. How many fking times I gotta tell ppl, the bubble is plain wrong. Therefore anything that pops it or data confirming it's dead iz good.

Everyone else is just praying for a credit bubble that is morally corrupt.

Yes, financial markets can be immoral, like slavery, child labor, and merit Pay based on seniority/house sitting.