If you're buying real estate in New York City, there is a very tiny sliver of hope -- co-op prices continue to fall slightly in Manhattan and Brooklyn.
But otherwise? Prepare to pay record prices to live in the city.
The Real Estate Board of New York released its first-quarter report on Monday, showing average co-op selling prices fell 2 percent from a year earlier to $711,000.
Average prices fell 4 percent in Manhattan and Brooklyn, were flat in the Bronx and rose 5 percent in Queens.
It was at least the fifth quarter in a row the citywide average price of a co-op fell, and the second quarter in a row that prices fell in both Manhattan and Brooklyn.
That's not to say the overall market has cooled by any means, though. The total monetary value of completed transactions in the first quarter actually rose 15 percent, to $12.3 billion. The number of sales rose 2 percent to just over 12,000.
Local
Condo sales drove the market, with record prices in Manhattan, Brooklyn and Queens. The average price of a condo in Manhattan topped $3 million in the first quarter, up 27 percent from a year earlier.
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Multifamily homes also sold well in the Bronx and Staten Island.
