Albany, NY – September 23, 2010 – (RealEstateRama) — Statewide sales of existing single-family homes in New York State increased in August from July by 3.7 percent, but remained 30-percent below the August 2009 total, according to the preliminary single-family sales data accumulated by the New York State Association of REALTORS. The data also showed strong median price growth compared to both last month and August 2009.
“We believe that the lower than typical August sales total continues to reflect the shift in sales to the first half of the year as buyers took advantage of the federal homebuyer tax credit,” Duncan R. MacKenzie, NYSAR chief executive officer, adding that modest monthly home sales totals are expected for the balance of the year as both the housing market and economy continue to recover.
“It is also important to recognize that the statewide median sales price has been increasing since May,” MacKenzie said. “Price growth is a positive sign for sellers and also an indicator to buyers that the best purchase price opportunity may be today instead of further down the road.”
“We know from our research that 84 percent of New Yorkers consider homeownership to be an important piece of achieving the American Dream,” said MacKenzie, referencing the findings of the New York Homeownership Survey conducted by the Siena Research Institute earlier this year.
“Those considering the purchase of a home in today’s market have a rare opportunity in terms of historically low mortgage rates and available inventory,” he said.
New York REALTORS sold 6,062 existing single-family homes in New York State during August 2010, a 3.7-percent increase compared to the July total of 5,843. The August 2010 sales total was 30-percent below the August 2009 total of 8,653.
The New York State August 2010 median sales price of $240,000 represents an increase of 9.1 percent compared to the July 2010 median of $220,000 and an increase of 20 percent from the August 2009 median of $200,000.
Complete data is available at http://www.nysar.com/content/Press.htm
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 54,000 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.
For additional information, contact:
Salvatore I. Prividera Jr.
Director of Communications and Marketing
New York State Association of REALTORS, Inc.
130 Washington Avenue
Albany, NY 12210
sprividera (at) nysar (dot) com