Albany, NY – May 27, 2009 – (RealEstateRama) — The New York State housing market posted sales gains for the second consecutive month with a nearly 14-percent increase in closed sales of existing single-family homes in April from March, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.
“There has never been a better time for first-time buyers to become homeowners, and we are seeing this in our market activity,” said Duncan R. MacKenzie, NYSAR chief executive officer. “With the $8,000 federal tax credit, historically low mortgage rates and available inventory, REALTORS from across the state are reporting an influx of first-time buyers into the 2009 market. We expect first-time buyers to continue to drive the late spring and summer markets.”
“First-time buyers need to be aware of two important facts to fully maximize their advantages today,” said MacKenzie. “First and foremost, the purchase has to be closed by the Dec. 1 deadline, so to be assured of this, we recommend being under contract by the end of September. Additionally, as the deadline approaches, we expect a tightening of inventory in the first-time buyer sector of the market, which may make it more difficult to find the right home later this year.”
New York REALTORS sold 5,026 existing single-family homes in New York State in April 2009, a 13.7-percent increase compared to April 2009, but a 17-percent decrease compared to April 2008.
The April 2009 median sales price in New York State of $185,000 represents a decrease of 5.1 percent compared to the $195,000 median recorded in March 2009 and an increase of 11.9 percent compared to the April 2008 median of $210,000.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 56,000 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