April saw Higher Housing Prices

The average housing prices increased for the first time in eight months during April as the spring surge in activity caused a 0.7% increase in average price according to the house price index by Standard &Poor’s/Case-Shiller. The strong performance in the real estate market this month however does not indicate a recovery has begun and it will take several months of continued increases to confirm that the market has bottomed out across the country. One undeniable fact is that this is a positive result for the struggling housing market.

http://www.usatoday.com/money/economy/housing/2011-07-01-home-prices_n.htm

Renters See Prices Skyrocket

After the recession period of low rental prices and desperate landlords, the rental market is improving strongly. During the past twelve months the average rental rate for homes and apartments has increased by 6.7%. The studio apartment market is particularly strong with a 14.3% increase and this is mainly because vacancies are down by nearly 2% across the board. The signs in the rental market are so encouraging that developers are starting to plan new apartment buildings due to be finished in 2013.

http://blogs.smartmoney.com/paydirt/2011/07/05/renters-see-prices-skyrocket/

Manhattan residential market held on in 2Q

Real estate brokers are being surprised at the moment by how steady the market is, during the second quarter mean prices increased and the average time an apartment spent on the market was consistent with the ten year average; surprising given the uncertainty hanging over the U.S. economy at the moment. Even though the performance wasn’t nearly as strong as last year’s second quarter this is because the tax credit for first time buyers was due to expire causing a boom in the market.

http://www.corcoran.com/news/index.aspx?page=Article&pub_id=12677

New York City averts construction strike-group

Construction workers in New York City narrowly avoided striking after a last minute agreement between their employers and union leaders regarding changes to work rules seen by many in the industry as obsolete. Hundreds of sites across New York would have ground to a halt which may have further damaged the area’s building industry which is yet to recover fully from the recession. Employment is at a 13 year low despite it being the summer; a traditionally busy time for construction.

http://www.reuters.com/article/2011/07/01/newyorkcity-construction-idUSN1E7601SP20110701

Manhattan Housing Market Lifted by High End Sales

The spring surge in the housing market has been led by the high end market according to upcoming market reports from the leading real estate firms of Manhattan. The high end market was hit hardest by the downturn and is now beginning to show signs of recovery. It is so strong that there has been a 28% increase in average price for 3+ bedroom co-ops versus last year.

http://www.nytimes.com/2011/07/01/nyregion/manhattan-housing-market-lifted-by-rise-in-high-end-sales.html?_r=2