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Elliman Report: Brooklyn Sales 3Q 2015

Brooklyn housing prices broke records this quarter as demand expanded and supply fell. Robust economic conditions and the rebranding of Brooklyn as a Manhattan competitor continued to play a role in the stronger market. Median sales price set a new record, rising 15.1% to $676,250 from the same period a year ago. Brooklyn remains the only New York City borough with a median sales price above the pre-financial crisis high. The third quarter median sales price was 25.2% above the same period eight years ago. Still, 73.8% of all Brooklyn property sales in the third quarter were below the $1 million threshold…

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