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Market Reports: Brooklyn Mirrors Manhattan's Misery

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Somewhere in between the release of last week's Manhattan market reports and the moment the first burger hit the grill on the Fourth of July, real estate appraisal firm HMS Associates snuck out a second-quarter recap of Brooklyn sales action. The numbers are similar to Manhattan's, in that they are ruthless: double-digit price declines over last year (the Brooklyn average was $548,560), sales cut in half, etc. The Brooklyn Paper has a tidy summary of the report, pointing out that the biggest price declines came in the hybrid mega-hood of Dumbo, Boerum Hill and Downtown Brooklyn. The similarities to the Manhattan reports don't end at the bad news, however. Even the positive spin is the same, with HMS citing a slight uptick in sales from the first quarter of 2009 to the second quarter. Of course, spring is always a busier time in real estate circles, so make of that 8% bump what you will.
· Market Reports [HMS Associates]
· Free fall! Housing prices are plummeting [Brooklyn Paper]