The outer-boroughs of New York City recorded the best housing market performance during the fourth quarter of 2011, The Wall Street Journal reports.
According to the newspaper, despite a decline in home sales all across the Big Apple during the quarter, the median price of homes in the Bronx and Brooklyn edged higher as prices in Manhattan, which traditionally performs the best, saw home prices fall by 8.5 percent.
According to the report, the median sales prices in Bronx increased by 2.9 percent to $350,000, while Brooklyn saw prices rise by 1.4 percent to $473,000.
Meanwhile, overall transactions of homes for sale in New York City fell by 12 percent during the fourth quarter on a year-over-year basis.
Additionally, total spending on property fell by a noticeable 20 percent in Manhattan, while only falling in Brooklyn by 9.6 percent.
Industry experts believe that the lull in performance from the Manhattan housing market is simply due to a slowdown in activity during the holiday season. However, during the new year, traditional housing market trends are expects to continue.