REBNY: Average City Home 10 Percent Cheaper

You get it everywhere this brutal month: How how far will housing prices drop in 2009? The Real Estate Board of New York, the gigantic trade group that would know, released a report this afternoon that answers the question somewhat, or at least gives signs of just how far, citywide, prices will tumble.

According to REBNY, the average sales price for homes in the five boroughs dropped 10 percent annually in the fourth quarter of 2008, to $669,000.

So, the simple math: If sales prices drop, say, another 10 percent over the next 12 months, that means a New York City home could run $600,000 on average by this time next year.

Change we can believe in, indeed. (Here's more on just how far Manhattan home prices, specifically, might drop from my colleague Oliver Haydock. $300K condos, anyone?)  read more »

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