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NYC Residential Sales Post Big Quarterly Gains
New York City’s total residential sales volume and total residential transactions increased significantly in the final quarter of 2020, according to the Real Estate Board of New York’s Q4 2020 Quarterly Residential Sales Report. This end-of-year surge, following three consecutive quarters of declines, was driven by particularly strong activity in the four boroughs outside Manhattan.
Citywide total residential sales volume increased to $9 billion in the fourth quarter from $6.5 billion in Q3, a nearly 40% quarterly increase in sales volume. Total residential transactions increased to 9,397 sales in Q4 from 6,305 sales in Q3, representing a nearly 50% quarterly increase in transactions.
“Last year was a historically difficult one for New York City and the real estate industry that fuels its economy,” said REBNY president James Whelan. “This end-of-year surge in home sales is another positive sign that the city has begun down a long road to recovery.”
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- ◦Economy
- ◦Sale/Acquisition
