The Brooklyn housing market is on the rise.   The market report, which is available as a PDF, was produced by Prudential Douglas Ellman Real Estate conjunction with Miller Samuel, shows that the average sale prices increased by more than 7% since last year but rates are sill well below levels that existed during the bubble years.

Good news for sellers, but bad news for those trying to crack into the expensive Brooklyn housing market. Apartments are also selling about a third faster than last year.

The average sales price is $583,790 up 7% from last year’s average price of $544,676.

While properties sold more quickly than last year the writers of the report state that the Brooklyn market still faces significant challenges:

The Brooklyn housing market quickly rebounded from the post-Lehman lows. Despit record low mortgage rates and prices well below peak levels, further improvement in the housing market is being restrained by elevated unemployment, shadow inventory and tight credit.