New York, NY – May 19, 2011 – (RealEstateRama) — NYU’s Furman Center for Real Estate and Urban Policy’s Quarterly Housing Update reports that housing prices declined between the last quarter of 2010 and the first quarter of 2011 in every borough except Queens, where prices remained essentially flat. Manhattan home prices declined 1.7 percent in the first quarter of 2011, but were still 2.5 percent higher than in the first quarter of 2010, and only 11 percent lower than in the peak of the market. Home values in the Bronx and Queens have each depreciated by almost a third since their peaks in the second quarter of 2007 and fourth quarter of 2006, respectively.
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