Median Price: $764,583, Active Inventory: 5, Days on Market: 122 and the Price per Sqft: $285

This week’s median price is close to the low for the year.

Here is a chart of the Market Action Index for the last year in this neighborhood.  Over 30 is a seller’s market.

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Median Price: $1,173,455, Active Inventory: 21, Days on Market: 100 and the Price per Sqft: $562

Below is a chart of the median days on market in these neighborhoods over the last year.

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In addition, there have been some changes in the amount of cash reserves required. Whereas currently you have to show two months worth of liquid assets, after September 30, you may need to show 10% of the loan value, generally a larger number.

See the chart below, which gives an idea of what will be required at different interest rate levels.

Median price over the last 12 months

Here is the latest data for Kensington houses on the market:

Median Price: $733,038, Active Inventory: 16, Days on Market: 96 and the Price per Sqft: $410

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Median Price: $925,000, Active Inventory: 19, Days on Market: 154 and the Price per Sqft: $598.

Below is a  chart that shows the median price over the last year.

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Median Price: $2,955,000, Active Inventory: 10, Days on Market: 77 and the Price per Sqft: $804

Days on market fell below 100 in April  for the first time in the last year and have since remained below three months.

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Median Price: $1,041,269, Active Inventory: 58, Days on Market: 113 and the Price per Sqft: $572

Here is a chart of the median price in Bay Ridge over the last year.

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Mortgage rates in New York plunged to new 2011 lows this week.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage fell to 4.39% this week — the lowest 30-year fixed reading since November 18, 2010.

The 0.16 drop from last week is the largest one-week rate drop in more than 2 years, and, although the 30-year fixed remains above its all-time lows from November 2010, two other benchmark products made new records this week.

Both the 15-year fixed rate mortgage and the 5-year ARM are reporting lower than at any time in recorded history.

Freddie Mac puts those average rates at 3.54% and 3.18%, respectively.

Mortgage rates are dropping for several reasons, including :

• U.S. economic growth is slower-than-expected
• The U.S. government plans to curb its spending
• Global investors seek the safety of U.S.-backed bonds

The first two items are unfavorable for business and, as a result, stock markets have sold off all week. The Dow Jones Industrial Average posted an 8-day losing streak and Thursday it made its biggest one-day loss since 2008.

When equities lose, bonds tend to gain. This leads mortgage rates lower.

Mortgage rates also fell on “safe haven” buying; bond buys made because of their relative safety to risky assets. Mortgage bonds are considered “safe” so when economies and geopolitics are uncertain, mortgage rates improve.

Going forward, there are reasons for mortgage rates to fall again. The economy won’t rebound overnight and neither will investor confidence. However, markets can be fickle and rates have been known to reverse quickly.

With rates as low as they’ve been history, it’s an advantageous time to refinance your home loan, or purchase a new property.

Median Price: $1,533,125, Active Inventory: 27, Days on Market: 83 and the Price per Sqft: $559

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At 8:30 AM ET Friday, the Bureau of Labor Statistics will release the July 2011 Non-Farm Payrolls report. Mark it in your calendar. If you’ve been watching mortgage rates fall to new all-time lows this week and fear a mortgage rate reversal, Friday could be the day.

The monthly Non-Farm Payrolls data can swing a big stick in mortgage markets.

More commonly called “the jobs report“, Non-Farm Payrolls details the U.S. workforce, providing sector-by-sector analysis of workforce, as well as the national Unemployment Rate.

The jobs report affects mortgage rates because of how important jobs are to the U.S. economy.

When there are more working Americans:

1. There’s more consumer spending, a boost to businesses
2. There’s more tax collection, a boost to governments
3. There’s more personal savings, a boost to households

In July, analysts anticipate 85,000 new jobs created. This would be a 4-fold increase from June’s 18,000 figure.

The Unemployment Rate is expected to remain unchanged at 9.2%.

For rate shoppers and home buyers in New York , these Wall Street expectations can be as important as the actual data itself. Right now, traders placing bets, expecting 85,000 new jobs in July. If the final tally is more than 85,000, traders will load up on equities at the expense of bonds. This is because job growth is good for the economy.

When bonds sell off, rates rise.

Conversely, if jobs growth is less than 85,000, mortgage rates should drop.

Mortgage rates are near all-time lows this morning. By Friday, they could rise. The safe move is to lock your rate today. Rates may fall when the jobs report is released, but there’s much more room for rates to rise.