Prices of existing homes in Brooklyn and Queens are continuing to fall, but they’re holding up much better than those in Manhattan, a surprising new report showed yesterday.
In Brooklyn, the cost of resold private homes, co-ops and condos fell an average of 8.2 percent over the first quarter of 2009 compared to the same period last year.
In Queens, existing-home prices were off 11.3 percent.
But Prudential Douglas Elliman’s report for both boroughs brings better news than its recent Manhattan market report, which found the prices of existing homes there down 17.6 percent.
The major reason is that home prices in the outer boroughs began falling more than a year before the nationwide housing crisis hit Manhattan, said Jonathan Miller, president of Miller Samuel Real Estate Appraisers, which helped prepare the report.
If newly built homes were factored in, Manhattan would have done much better — prices would actually have gone up. But experts point out that most of the contracts for new homes were signed before values fell.
A resold Brooklyn home went for an average of $533,265. In Queens, the figure was $410,768. In Manhattan, the average price was $1,316,253.
There were no figures available for The Bronx or Staten Island.