Brad Finkelstein reports, "Average home sales prices in New York City actually increased by 12% in the second quarter 2008 over the same period in 2007, according to a report from ResidentialNYC.com, a website managed by the Real Estate Board of New York.

The report tracks the sales prices of both apartments (condominiums and co-operative) and one-to-three family homes. The increase was driven by a rise in the average sales price for apartments.

"The second quarter report found that in the midst of falling property values nationwide, prices are still rising throughout New York City, particularly for apartments, despite some declines among single-family homes," said Steven Spinola, REBNY President. "Manhattan average sales prices experienced substantial gains in the quarter and led to the citywide increases, but Brooklyn and Queens apartment average sales prices also saw increases, and are clearly retaining their value."

Leave it to New Yorkers!