Home Marketing & Statistics Empire State begins typical seasonal slowdown in September

Empire State begins typical seasonal slowdown in September

Albany, NY – October 30, 2008 – (RealEstateRama) —  Existing single-family home sales in New York finished September 2008 only 4-percent below September 2007, while the median sales price grew slightly from a year ago, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

“The slowdown from August sales is very typical for the seasonal New York state market, with many buyers choosing to close before the start of a new school year,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Since 1998, including during the boom market, sales have declined by double digits from August to September nine times. It is encouraging that September 2008 was only 4 percent behind last September.”

New York REALTORS sold 7,166 existing single-family homes in New York State in September 2008, a 4-percent decrease compared to September 2007. Twenty-seven counties posted sales gains from September 2007. The September 2008 sales total fell by 15 percent compared to the August 2008 total of 8,442.

The September 2008 median sales price in New York State of $215,000 increased 3.4 percent compared to $208,000 recorded in September 2007. Median sales price increases were posted in 25 counties compared to September 2007. The September statewide median represents a 4.4-percent decrease from the August 2008 median of $225,000.

“While concerns about the economy may have some buyers staying on the sidelines, it remains a good time to buy a home as affordability remains good, prices and interest rates remain low, and financing availability is improving,” said MacKenzie.

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 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