A New York state "STATE OF {Housing} MIND"

1. A steady market predicted for Manhattan
Real-estate firm Brown Harris Stevens of New York recently released its New York City Residential Market Report for the third quarter 2006, on the state of the metro's housing market. Gregory J. Heym, Brown Harris Stevens' chief economist, predicts strong demand and steady prices for the Manhattan's market in coming months, according to the report. The report, available to the public, includes detailed sales data, with sales figures for the city by neighborhood. The report notes that while New York's average apartment sales price of nearly $1.1 million was 4% lower than the third quarter of 2005, the average size of the apartments sold during this time was 3% smaller from the year before, possibly accounting for much of the drop in sales price. Similarly, the average condo sale price fell 6% from the year before to almost $1.2 million, but a 5% drop in the average size of condos sold may account for some of this drop. Meanwhile, the average cost of Manhattan apartments and condos per square foot both rose, with the average price per square foot for apartments rising 6% from the year before to a new record of $1,028, and the average price per square foot for condos increasing 2% to $1,108.

2. No boom -- or bust in Buffalo
While median U.S. home sale prices increased 83% between 1995 and 2005, residential real-estate prices in the Buffalo Niagara region in New York rose by just 22%, says a Buffalo News article. The city is the sixth least expensive housing market in the country, the article says. Adjusting for inflation, the paper says local homeowners saw a drop of 5% in real dollars, whereas homeowners across the country saw an increase of 43%. While area prices were 28% below the national average in 1995, they were 52% less in 2005, the article says. The good news is that the area's combination of low prices and slow appreciation in home values makes large drops in the area's real-estate prices unlikely, the Buffalo News says. "The real-estate bubble didn't grow here, but the bubble, if there is one, probably won't burst here either," the newspaper quotes a local economist as saying.

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