Other reports we prepare can be found here.
…The average price per square foot of all new development was $1,320 this quarter, down 1.5% from the prior year quarter. The average price per square foot of a re-sale apartment was up 4.3% to $1,142 per square foot as the bulk of higher end new development has been absorbed while higher end re-sale properties continue to sell…The impact of the credit contraction, associated volatility in the financial markets, as well as unprecedented government bailouts on a federal level have not shown up in the market data for the quarter. The key metrics to consider going forward are the lower level of sales activity compared to last year’s record levels and the rise of inventory. The reduction in affordable mortgage products continues to hamper buyers in New York as well as most housing markets across the country. The upcoming quarter begins with modest inventory levels and the likelihood of a reduction in new development units entering the housing stock next year due to the credit contraction….
In 2005, I began posting the links of the coverage of each report to see how each media outlet reports the market using the exact same data. I find it to be an interesting way to look at how this information is interpreted and presented.
The media coverage of the report was provided here as they were released (in no particular order). The headlines selected provide an interesting media perspective of the report contents since everyone was working off the same information.