While it's easy to get caught up in fiscal cliff debates, Mayan doomsday predictions, and stories from New Year's parties, sometimes it makes sense to take a step back and look at the numbers. Just how does New York's housing market, and Manhattan in particular, compare to the rest of the US?
Steady job gains and historically low mortgage rates are allowing American's to purchase new homes at the fastest rate in almost two and half years.
New home construction across the country is up 22% year-over-year, according to government data, in part due to the thinning of excess supply of homes built during the housing boom.
With limited space and a constant demand, New York has seen apartment and condo prices dip though not to the extent of other places around the country. So while places like Miami (8.5%) and Las Vegas (8.4%) are seeing major year over year growth, New York's housing prices have remained relatively stable over the last year.
While home starts across the country slowed, and in some cases stopped in the past few years, new construction in Manhattan has been increasing. In October, Crain's New York reported new building permits in Manhattan are up 94% since the beginning of 2012. With over 70 new building permits issued in the last year, most large multistory projects, it seems the real estate in Manhattan still can't keep up with demand.
"Big building in Manhattan is on the rise, and that's good news for all New Yorkers," city Buildings Commissioner Robert LiMandri said. "These major construction projects mean more homes, more jobs—and a stronger economy for our city."
While improved building starts are an important piece when judging where New York City stands compared with the rest of the country, the reality (as any New Yorker will tell you) is this place just isn't like anywhere else. With buildings like One57, 345 Meatpacking, and 101 W 87, spread across the city in the pre-construction phase, and luxury condo prices continuing to climb back to pre-recession levels, the future looks very bright for new construction across the five boroughs.