The cost of homes in Queens has been soaring and are likely affecting sales in the borough, according to a new report.
For a third consecutive month ending in October, Queens saw a drop in home sales, while median prices in the borough rose for a second consecutive month, according to a monthly market update by Keller Williams Realty.
The prices of houses are also significantly higher compared to the same month last year, the report said.
Home buyers probably paid around $630,000 for a single or multifamily residence in October, but just $540,000 during the same month last year.
Sales are following suit by trending down when compared with the month of the previous year as well.
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