New York City Home Prices Up in October

"In October, home prices rose substantially from the month before, with a median listing price of $1,490,000. The number of listings on the market grew 9.5% from last month, which is typical for this time of the year in New York City, and homes are also selling faster than at the same time last year. Home prices in New York City"

"Typically, home price per square foot in New York City tend to fall in October. But the most recent data shows that the price per square foot increased by 1.1% compared with the month before. So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in the Big Apple are outpacing the national market."

Median listing price in New York City reached $1,490,000 in October. Listings on the market numbered 6,659, up 9.5% from the prior month and down 2.8% year-over-year. Price per square foot increased 1.1% month-over-month despite typical October declines. Nationally, price per square foot fell 0.8%, so New York's monthly gains outpaced the national market. Active national inventory remained essentially unchanged at about 1,100,001 homes. Homes in New York City sold in an average of 67 days, 17 days faster than the previous month and seven days faster than the same month last year. For comparison, nationally homes spent an average of 63 days on the market in October.

Read at SFGATE