SAN ANTONIO — The New York City housing market is struggling to recover from the shock of the housing crash.
On Wednesday, the Real Estate Board of New York said the median price for a one-bedroom in the city increased 2.6% in June, compared to the same month a year ago.
The average price for condos was up 1.9%, while for one-bedrooms, prices increased 2%.
The increase was the largest gain among the major metropolitan areas, according to a survey by the brokerage brokerage firm CBRE.
But even as the recovery has been slow, prices continue to rise.
Real estate agents have been reporting an uptick in listings, particularly for condos, with a median price of $1.1 million on the MLS site.
That compares to $1,500,000 in June last year.
While many people are taking the plunge on luxury homes, a large portion of buyers are renters, and that is leading to a significant number of new listings.
Many of the new listings are on the Lower East Side, according the CBRE survey, and some of the more expensive homes have been listed for less than $1M.
The average price of a one and two-bedroom condo is $1m, while condos are now valued at $1-$2m.
As of Monday, the median household income in New York was $61,500.
According to the CBRES, the average price increase for all homes is 2.7%.
The median household debt in New Jersey is now $1 billion, up from $964 million in June.
The median household wealth is $14.5 billion, or about half of the national median.