HOME PRICES CONTINUE STEEP CLIMB THROUGHOUT

Condominium and co-op prices rose 8 percent in citywide sales for the second quarter of 2007, according to a report by the Real Estate Board of New York. Unsurprisingly, Manhattan came in first with a $1.2 million average apartment sales price – up from $1.14 million last year – while Brooklyn was a distant second at $484,000, up from $443,000. Meanwhile, the median sales price for city apartments climbed 16 percent to $525,000. The average price per square foot for a Manhattan apartment increased 5 percent to $1,083, while Brooklyn and Queens came in second and third at $524 and $357. “The report clearly demonstrates that, while everyone knows the Manhattan market continues to be strong, the boroughs outside Manhattan are bucking the trend in the rest of the country and seeing solid increases in home prices.