New York prices plummet 30%

12 December 2008

Residential property prices in New York, USA, have nose-dived by as much as 30% over the past year, according to various estate agents based in the city.

The most recent Standard & Poor’s/Case-Shiller home price indices revealed that prices in the larger metropolitan New York area dropped by 7.3% year-on-year in September. However, that was before the stock market plunged in October.

Miller Samuel, who collects and analyses data on the residential property market across the city, reports that the Harlem and East Harlem areas have been amongst the worst affected in the property market meltdown.