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Brooklyn Home Prices Jump Most Since ’06 as Supply Drops

Home prices in Brooklyn, New York’s most populous borough, had the biggest gain in six years as buyers competed for a dwindling number of properties for sale.

The median price of condominiums, co-ops and one- to three-family homes that changed hands in the fourth quarter was $512,500, up 13 percent from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said today in a report. The inventory of listed homes tumbled 21 percent to 4,685, the lowest since Miller Samuel began tracking the data in 2008, said Jonathan Miller, the New York-based firm’s president.