NEW YORK, NY -- (Marketwire) -- 07/20/10 -- In the news release, "Report: Total Dollar Value of NYC Real Estate Sales Up 72 Percent From 2009 According to 2Q Data," issued Monday, July 19, 2010, by Real Estate Board of New York (REBNY), we are advised by the company that the second sentence of the first paragraph should read "The total dollar value increased to $7.6 billion this quarter, up from $4.4 billion in the second quarter of 2009" rather than "The total dollar value increased to $7.6 billion this quarter, up from $0.8 billion in the second quarter of 2009" as originally issued. Corrected paragraph and abbreviated text follows.

Report: Total Dollar Value of NYC Real Estate Sales Up 72 Percent From 2009 According to 2Q Data

City-Wide Average Sales Price and Sales Volume Continue to Show Steady Increases

NEW YORK, NY - JULY 20, 2010 - New York City's housing market continued its rebound in the second quarter of 2010 as the total dollar value of residential real estate sales increased 72 percent compared to the second quarter of 2009, according to a new report. The total dollar value increased to $7.6 billion this quarter, up from $4.4 billion in the second quarter of 2009.

The report by ResidentialNYC.com, the public real estate listings Web site of The Real Estate Board of New York (REBNY), also found that the average sales price for all homes citywide (which includes cooperatives, condominiums, and one-to-three family dwellings) increased 15 percent to $728,000 compared to the second quarter of 2009.

Demonstrating a continuing trend of brisk sales activity, citywide apartment sales volume increased year on year by 65 percent. In addition, Manhattan apartment sales volume increased 82 percent and in Brooklyn the sales volume increased 62 percent.

"The trend that emerged in previous quarters is enduring, and we are optimistic that this indicates a return to a healthy market," said Steven Spinola, REBNY President. "Citywide average sales prices and sales volumes continue to creep up quarter to quarter. Although these developments are promising, the resurgence is dependent upon continued economic recovery."

Sales volume on all homes increased both citywide and in Brooklyn by 44 percent year to year. Sales volumes increased quarter to quarter citywide, in Manhattan, and in Brooklyn by two, nine and five percent respectively.

Also of note, this report is particularly unique in that it is citywide and includes data for all five boroughs, as well as detailed neighborhood data for Manhattan, Brooklyn and Queens.

For the full report visit www.residentialnyc.com or www.rebny.com.

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