Home Marketing & Statistics New York housing market lands softly in 2007

New York housing market lands softly in 2007

Albany – January 29, 2008 – Sales of existing single-family homes in New York state in 2007 slowed as total sales continued to shrink from the all-time record set in 2005, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. Despite the decrease, the 2007 market was the sixth highest sales total recorded since NYSAR began tracking data in the 1980s.

The 2007 statewide annual sales total of 92,635 represents a decrease of 8.5 percent from the 2006 total of 101,194. The 2007 statewide annual median selling price of $237,000 represents a 4.4-percent decrease from the 2006 statewide median of $248,000.

Sales gains were reported in 9 of the 59 reporting counties compared 2006, while 40 reported median sales price growth compared to 2006.

The New York housing market continued to slow as the year drew to a close with sales falling 4.4 percent in December 2007 compared to the previous month. However, the market posted a 4.8 percent increase in the statewide median compared to November, reaching $222,646 in December.

“The New York State housing market posted solid and sustainable sales activity in 2007, particularly when considered in the context of a softening economy and tighter mortgage lending,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The market landed softly from the record growth experienced in the 2004 to 2006 markets, and as the market returned to a balance between buyers and sellers, the statewide median sales price fell slightly as expected. There is still solid activity in the housing market, which we expect to continue into 2008. Sellers who price their homes right are seeing ‘sold signs’ in their front yard, while buyers are benefitting from the increase in homes to choose from and low mortgage rates.”

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 65,000 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