3/9/18 3:40:00 The housing market in New York City has reached an all-time high.
The median price of a two-bedroom apartment in the borough hit $1.17 million on Friday, according to Zillow.
The market has risen by an average of $50,000 since February, Zillotow said in a report.
In the past five months, prices have doubled in just two years, Zilow said.
Some of the reasons are due to a strong supply of new homes and demand for older homes, as well as a new construction boom in Manhattan.
While the city’s unemployment rate remains at 9.6%, it is down from 9.8% in March and 10.1% in August.
New York has seen an overall growth in population since 2013, and in the last three years has seen a surge in new homes.
The borough has seen record growth in affordable housing, according Zillotte.
The average price of an apartment in Manhattan reached $1 million on Thursday, up nearly $1,000 from a year ago.
In Queens, median prices for a two bedroom unit rose by $350, Zills said.
Brooklyn has seen the largest increase in affordable prices since 2016, according the Zillower.
The most expensive place to buy in the city is in Manhattan’s financial district.
For the first time since 2016 in April, median home prices increased by more than $1m, Ziliow said, according with Zillows report.
New Jersey’s economy continues to improve, but its median household income continues to lag behind the national average.
The unemployment rate fell to 5.8%, according to a new study by the New Jersey Office of Economic Analysis.
That compares with a national rate of 8.2%.
The number of people in the workforce increased by 10,000 to 8.9 million in June from 8.4 million a year earlier.
The number in poverty increased by 14.9% to 8,967, according.
The poverty rate was unchanged in June, the report said.