Home Sale Prices Continue Fall in Windsor Terrace

Real estate in New York has always been a fickle thing — but the clouds might be starting to recede, particularly for homeowners in Brooklyn, according to the Real Estate Board of New York.

In a report released this week, the board examined New York City neighborhood by neighborhood, and found a 21 percent increase in home sales volume in the second quarter of 2013, compared to the previous three months. 

Average home prices also increased by six percent — hitting just under $650,000, 

Brooklyn led the way in both categories, seeing an eight percent overall increase in home sale price — hitting just under $650,000 — and a 29 percent increase in sales of one-to-three family homes. 

Steven Spinola, president of the Real Estate Board, said prices are likely to continue their climb, particularly in hot areas like Brooklyn.

“It remains to be seen what impact rising mortgage rates will have on sales activity going forward," Spinola said. "But the market overall is seeing steady gains and we anticipate the trend will continue.” 

Things are not as rosy for home-sellers in Windsor Terrace, however. Average home sale prices continue to slide in the neighborhood, down from both the first quarter this year and the second quarter last year.

The average home sale price in Windsor Terrace during the second quarter of 2013 was $605,000, lower than the borough-wide average and also lower than the same period last year. 

Home sales seemed to hit a peak in the first quarter of 2013, when the average was $715,000. Sellers would also have done better in spring of 2012, when the average was $663,000.