NY: Wealthier Areas See Real Estate Price Increases

New York Real EstateNew York area home prices have held up better than most other major metropolitan areas, with wealthy commuting suburbs providing the bulk of recovery while towns farther from the city have lagged, brokers and analysts said.

Those mixed results came after a national survey this week found that December home prices in the New York metropolitan area hit their lowest level since 2004, according to the S&P/Case Shiller Index.

For the more affluent towns in the tri-state area, last year’s slowdown may already be passing. Brokers say confidence is returning after the stock market touched a post-financial crisis high and Wall Street bonuses poured in.

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