Brooklyn Home Prices, Sales Up in the Third Quarter

A new report from the Corcoran Group shows that the prices and home sales in brownstone Brooklyn increased in the third quarter of 2007. The average sales price of Brooklyn condos and co-ops increased 11 percent from the third quarter of 2006 to $679,000; the average was up 4 percent over the second quarter immediately before. The median sales prices also increased for condos and co-ops, as they did for townhouses.

The median price of a one-family townhouse increased 10 percent over the third quarter of 2006 and 49 percent over the second quarter to $1.275 million.

Sales, too, despite the price increases, increased in the third quarter, which ended Sunday. Condo and co-op sales combined were up 28 percent over the same quarter last year and 38 percent over the second quarter, according to Corcoran.