The Bronx led the boroughs for residential price gains in the fourth quarter of 2018, with a 12% year-over-year increase, the Real Estate Board of New York reported. Accordingly, the value of completed home sales in the Bronx increased by 7% Y-O-Y, although the number of sales declined by 5%, in line with the citywide average.
“Despite the softening in residential sales activity, citywide economic fundamentals remained strong at the close of 2018,” said John H. Banks, REBNY President. “The continued demand for homes was demonstrated by average sales price growth throughout the five boroughs and most notably in the Bronx.”
Aside from Staten Island, where the number of home sales rose by 6% Y-O-Y, all boroughs of the city experienced annual declines. In Manhattan, the decrease was 8%, while Queens saw a 6% drop and Brooklyn’s decline was 5%.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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