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Brooklyn home sales soar as buyers flee hyped Manhattan prices

Published Thu, Jan 12, 2017 · 09:50 PM
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New York

HOME buyers in Brooklyn competed for a record-low number of listings in the fourth quarter, driving up prices in the New York borough that's historically been seen as a refuge from Manhattan's high costs.

Purchases in Brooklyn rose 22 per cent from a year earlier to 2,582, while the median price of those deals climbed 15 per cent to a record US$750,000, according to a report on Thursday by appraiser Miller Samuel and brokerage Douglas Elliman Real Estate.

The number of homes for sale at the end of December tumbled 31 per cent to 2,232, the fewest since the firms…

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