New York State home sales on the rise as buyers take advantage of federal tax credit

Albany, NY – May 24, 2010 – (RealEstateRama) — The New York state housing market continued to improve as April 2010 sales jumped nearly 20 percent compared to April 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to April 2009.
 
“The April data indicate two positive sales trends for the Empire State’s housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for four consecutive months, and from prior-month sales for the past two months. “The federal tax credit, along with low mortgage rates and a good selection of available inventory, continued to drive market activity in April.” He added that while the statewide median sales price has fluctuated on a month-to-month basis, it has consistently shown growth compared to the year-ago medians.

“We expect that sales totals will be strong through June as buyers close their purchases prior to the final federal homebuyer tax credit deadline,” said MacKenzie. “All buyers under contract prior to the April 30 deadline must close before June 30 to remain eligible for the tax credit.”

MacKenzie noted that the federal homebuyer tax credit deadline is extended for members of the armed services and certain other federal employees, who served outside of the United States for at least 90 days after December 31, 2008 and through May 1, 2010. These service members have a contract deadline of April 30, 2011 and a closing deadline of June 20, 2011.

New York REALTORS sold 6,145 existing single-family homes in New York State during April 2010, a 19.7 percent increase compared to the April 2009 sales total of 5,133. April sales also increased from March 2010 when 5,461 homes were sold.

The April 2010 median sales price in New York State of $197,000 represents an increase of 8.2 percent compared to the April 2009 median of $182,000, but fell off by 3.4 percent from the March 2010 median of $204,000.

Complete data is available at http://www.nysar.com/content/Press.htm

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 54,000 of New York state’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

###

For additional information, contact:
Salvatore I. Prividera Jr.
Director of Communications and Marketing
New York State Association of REALTORS, Inc.
130 Washington Avenue
Albany, NY  12210
518-463-0300×208 office
sprividera (at) nysar (dot) com

 

 

No related posts.

Recent Posts

• • Jones Lang LaSalle’s Capital Markets Strengthens Research Platform
  • GFI Mortgage Bankers Successfully Finances Kirkman Lofts
  • NYC MULTIFAMILY SALES REMAIN STRONG IN MARCH
  • New York AIR Society Honors Peter Riguardi of Jones Lang LaSalle
  • Property listings synced to website of New York area Realtor Suzanne Welch with custom IDX solution

Popular Posts

• • NYCOM Conference, Ribbon Cuttings and Equity Fund Forum Highlight Trip to Finger Lakes Region
  • CKX Declares December 31st Record Date for Dividend of FX Real Estate and Entertainment Shares
  • Jones Lang LaSalle Hires Seasoned Industrial Real Estate Professionals to Strengthen Client Services in Long Island
  • First Affordable Housing Development in Brooklyn with Solar Panels
  • “Green” Forum Highlights 545 Madison Avenue as Showcase of Sustainability
  • New York State Senate Confirms Bill Myers to the Board of the State of New York Mortgage Agency
  • New York State home sales continue to post gains compared to 2009
  • Gillibrand Introduces Solar Energy Legislation
  • HDC Board Approves $55.5 Million in Tax-Exempt Multi-family Housing Revenue Bonds
  • Diversity Works’ Unique Model Combines Permanent Supportive Housing and Family Preservation Services