Home Marketing & Statistics New York housing market remains solid through first half of 2008

New York housing market remains solid through first half of 2008

Albany, NY – August 22, 2008 – (RealEstateRama) — New York’s housing market remains solid through the first half of the year, aided by an increase in sales of more than 13 percent from May to June, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

“New York home buyers are recognizing the tremendous opportunities available to them in local markets throughout our state as evidenced by the increase in sales between May and June,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Right now in communities across New York State, smart buyers are taking advantage of the choices available in every price range, and still low mortgage rates. They know that owning a home has a multitude of benefits including helping them build their personal wealth over the long term.”

New York REALTORS sold 7,647 existing single-family homes in New York State in June 2008, a 13.6-percent increase from May. The June 2008 sales total lagged behind the June 2007 sales count of 9,507, a 19.6-percent decrease. In June 2008 sales gains were reported in 35 counties compared to May, while eight experienced growth compared to June 2007.

The June 2008 median selling price of $219,000 increased by 5.8 percent compared to the May 2008 median of $207,000.  The June statewide median represents a 5.4-percent decrease from the June 2007 median of $245,000. Thirty-four counties reported gains in median selling price in June 2008 compared to May, while 27 posted gains compared to June 2007.

“Overall, through the first half of 2008, sales levels are down from the height of the boom,” said MacKenzie, “but they are at solid levels when considered in a historical context. The softening of the median sales price was expected as inventory levels increased and buyers began to shy away from the market.”

New York’s REALTORS sold 35,225 homes between January 1 and June 30, 2008, a decrease of 19 percent from the same period in 2007. The statewide median sales price of $215,000 for the first half of 2008 represents a 14-percent decrease from the $250,000 median posted in the first half of 2007.

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 Special Projects