Please see the following importantÂ New York Metro Tri-StateÂ Regional Real Estate news of theÂ day. Have a good afternoon!
The New York Times
New York Rebounds From Slump, Unevenly
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The regional economy continued its gradual recovery in the second quarter, led by an improving employment picture in New York City.Â New York Cityâ€™s unemployment rate fell for the fifth consecutive month in May to its lowest level since June of 2009.Â Hiring has also picked up in New York City, thanks in part to the Census.Â Through May, 64,300 jobs have been added this year, after losing more than 173,000 jobs from September 2008 to December 2009.
Unemployment in the Bridgeport-Stamford LMA, which includes all the areas in our report, was 8.1% in May, up slightly from April.Â This figure continues to be much lower than the unemployment rates for both the nation and New York City.Â Employment in the Bridgeport-Stamford LMA was virtually unchanged in May from a year ago, as strong gains in education and healthcare were offset by declines in manufacturing and construction.
For the third straight quarter, all areas in our report posted a double-digit increase in sales compared to the prior year.Â Greenwich had the biggest increase in activity, as the number of sales rose 99% compared to the second quarter of 2009.Â The smallest increase in sales was in New Canaan, where activity was still 45% higher than a year ago.
With the exception of Fairfield, prices were higher in all other markets over the past year.Â Showing continued strength was Darien, where the average price rose 17% and the median price rose 38% from 2009â€™s second quarter.Â Norwalk, helped by a sharp increase in sales of at least $1 million, posted a 31% increase in average price over the past year, the largest of any area in our report.
The full version of the report is available on halstead.com at the link below:
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