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Empire State’s housing market slows in January

Albany – March 4, 2008 – Sales of existing single-family homes decreased in January by more than 23 percent compared to December 2007, while the median sales price increased by more than 9 percent from the previous month, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

The January 2008 sales total of 5,121 fell 23.4 percent from the December 2007 sales total of 6,682.
January 2008 sales decreased by 21.8 percent compared to the January 2007 sales total of 6,548.

The January 2008 statewide median sales price of $240,000 represents a 9.1-percent increase compared to the December 2007 median of $220,000. The January 2008 median decreased 18.6 percent from the January 2007 median of $295,000.

In January 2008 sales gains were reported in 20 counties compared to January 2007, while nine experienced growth compared to December 2007.

Twenty-seven counties in January 2008 reported gains in median selling price compared to January 2007, while 22 posted gains compared to December 2007.

“A combination of the traditionally slow winter housing market and tighter mortgage lending practices likely resulted in a January sales slowdown in New York,” said Duncan R. MacKenzie, NYSAR chief executive officer. “New York State like most of the nation is feeling the credit pinch caused by the fallout from the subprime market. Moving forward, we are optimistic that the market should be helped by the increase in FHA loan limits, which will expand access to stable mortgage products for all buyers.”

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 64,000 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 Special Projects