Home Marketing & Statistics New York housing sales soft in February

New York housing sales soft in February

Albany – March 26, 2008 – Sales of existing single-family homes in New York State in February decreased by more than 12 percent compared to last February, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

The February 2008 sales total of 4,528 represents a 19-percent decrease compared to the 5,588 sales closed in February 2007. The February sales total fell 12.6 percent from the January 2008 sales total of 5,178.

The February 2008 median selling price of $230,000 represents an 11.5 -percent decrease from the February 2007 median of $260,000. However, the February 2008 median was only 2.1 percent below the previous month’s median of $235,000.

In February 2008 sales gains were reported in 19 counties compared to February 2007, while 16 experienced growth compared to January 2008.

Thirty-seven counties reported gains in median selling price in February 2008 compared to February 2007, while 29 posted gains compared to January 2008.

“The winter months are historically slow in terms of sales, and this month’s total is reminiscent of a typical February,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Based on historical trends, we anticipate sales will increase as we move closer to the spring and summer months, especially as buyers take advantage of historically low mortgage finance rates and increasing inventory levels. The recent actions by the federal government intended to assist the housing market should also bring improvement in the coming months.”

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.