Home Marketing & Statistics Economic concerns and stimulus uncertainty keep buyers on the sidelines in February

Economic concerns and stimulus uncertainty keep buyers on the sidelines in February

Albany, NY – March 25, 2009 – (RealEstateRama) — The New York State housing market recorded sluggish sales in the first two months of 2009, as buyers faced concerns about the economy and uncertainty about the federal stimulus package. While sales declined in February 2009 compared to the previous month, the February 2009 median sales price increased 5 percent compared to January 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

“The soft housing market in February was not unexpected as many would-be buyers were stranded on the sidelines by the economic news of the day and held there by the uncertainty of the contents of the federal government’s response,” said Duncan R. MacKenzie, NYSAR chief executive officer. “As we move closer to the spring market, we are hearing anecdotally from our members throughout the state that potential homebuyers are showing more interest.”

“Clearly, 2009 will be a great time to buy a home in New York with improved affordability, historically low mortgage rates and a wide range of homes to choose from, plus first-time buyers have the benefit of the $8,000 federal tax credit,” said MacKenzie. “We are starting to see signs that sectors of the economy are improving and housing will not be the exception.”

New York REALTORS sold 3,416 existing single-family homes in New York State in February 2009, a 7.7-percent decrease compared to January 2009 and a 26.8-percent decrease compared to February 2008.

The February 2009 median sales price in New York State of $210,000 represents an increase of 5 percent compared to the $200,000 median recorded in January 2009. The February 2009 median decreased 6.2 percent compared to the February 2008 median of $224,000.

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 56,000 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.


Salvatore I. Prividera Jr.
Director of Communications
and Marketing