Albany, NY – January 29, 2009 – (RealEstateRama) – Existing single-family home sales in New York State in 2008 fell by 16.2 percent compared to 2007 as the market responded to the effects of tighter mortgage availability, a shrinking economy and a decline in consumer confidence. The statewide median sales price also finished the year down 8.5 percent compared to 2007, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.
The New York housing market, however, rebounded strongly from November. December sales increased 5.6 percent compared to the previous month, and the median selling price increasing 7.3 percent to $220,000 from November 2008.
“Although New York’s housing values fared somewhat better than the national average, the 2008 NYSAR annual housing report shows that we were not immune to the affects of a poor economy,” said Duncan R. MacKenzie, NYSAR chief executive officer. “There is no doubt, however, that many conditions favor a market rebound including mortgages rates at historic lows, the availability of sound financing options, a great selection of inventory and pending federal economic stimulus legislation. We are hopeful that the December numbers mark the start of the housing turn around.”
“New York’s REALTORS, along with more than one million REALTORS nationwide, continue to call on President Barack Obama and Congress to enact legislation with a comprehensive housing strategy that we believe will right the housing market and ultimately assist in our economic recovery,” said MacKenzie, noting the key points of that strategy include eliminating the repayment feature of the first-time homebuyer credit, extending the program through Dec. 31, 2009, reinstating the higher 2008 loan limits for FHA, Fannie Mae and Freddie Mac, and providing liquidity to the mortgage markets.
New York REALTORS sold 78,853 existing single-family homes in New York State in 2008, a 16.2-percent decrease from the 2007 total of 94,141, and a 23-percent decrease compared to the 2006 total of 102,450. The 2008 statewide median selling price of $215,000 decreased 8.5 percent compared to the $235,000 recorded in 2007 and 12.3 percent compared to the 2006 median of $245,201.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 61,000 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.
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Salvatore I. Prividera Jr.
Director of Communications
and Marketing
