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“The surge in activity provides evidence of increased confidence and improved affordability,” the analysis said, “but not a housing bottom due to future challenges of rising unemployment, tight credit and shadow inventory.”
Among the report’s key findings in the borough were these:
• Median sales price fell 9.5 percent to $362,000 from $400,000 in the third quarter of 2008, but remained unchanged from the second quarter of 2009.
• Average sales price fell 7.6 percent to $403,429 from $436,575 in the third quarter of 2008, but rose 1.7 percent compared to the second quarter of this year.
• The number of sales declined 13.9 percent to 2,789 from 3,240 sales in the prior year quarter but increased 31 percent from 2,129 units in the second quarter of 2009.
“Price trends moved sideways over the summer after seeing declines for much of the preceding two years,” the report said.“The surge in the number of sales over the summer caused inventory to drop, providing a stabilizing effect on price indicators.”
In Central Queens, the median sales price for homes was $300,000, down 1.6 percent from the same quarter last year. The number of sales fell 16.9 percent to 542 units, from 651 in the same period last year. But sales were 34.6 higher than in the prior quarter this year.
In South Queens, the median price was $350,000, down 13.6 percent from the third quarter of 2008. The number of sales fell 3.2 percent year-to-year to 655 units, but was 18.2 percent higher than in the second quarter of 2009.
In western Queens, the median price was $400,000, down 11.1 percent from the prior year. The number of sales fell 23.9 percent to 421 year-to-year, but rose 23.8 percent compared to the previous quarter this year.
In northeastern Queens, the median sales price was $418,000, down 2.8 percent from the prior year. The number of sales fell 11.4 percent to 817 units, but jumped 51 percent compared to the last quarter.
In northwest Queens, the median sales price was $436,020, down 14.5 percent year-to-year. The number of sales fell 23.5 percent to 205 units but was up 26.5 percent compared to the prior quarter.
