Albany, NY – February 25, 2009 – (RealEstateRama) — The New York State housing market could not sustain the December sales growth into January as buyers largely stayed out of the market due to concerns about the economy and questions about the impending economic stimulus package. Sales declined compared to December 2008 and January 2008, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.
“January is typically a slow month for housing sales in New York State’s seasonal market,” said Duncan R. MacKenzie. “Unfortunately, this year it was falling consumer confidence not falling temperatures that kept buyers from being active. Many would-be buyers were also questioning what effect the federal economic stimulus plan would have on their ability to buy a home.”
“Now that the details of the economic stimulus package are set, it is clear that for New York home buyers there many never be a better time to buy a home than today,” said MacKenzie. “Today’s market boasts improved affordability, historically low mortgage rates and a great inventory of homes to choose from. Plus, first-time home buyers have the added benefit of a new $8,000 federal tax credit. We anticipate that these factors will help drive the market into the spring and summer months.”
New York REALTORS sold 3,651 existing single-family homes in New York State in January 2009, a 37.5-percent decrease compared to the December 2008 sales total of 5,842 and a 30.5-percent decrease compared to the January 2008 sales total of 5,256.
The January 2009 median sales price in New York State of $205,000 decreased 4.7 percent compared to the December 2008 median of $215,000 and fell 12.8 percent compared to the $235,000 median recorded in January 2008.
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
