Albany, NY – July 23, 2009 – (RealEstateRama) — The New York State housing market continued to show positive sales growth as the second quarter came to a close, fueled by a 30-percent increase in statewide sales between May and June, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. Statewide existing single-family sales also posted a 55-percent increase in the 2009 second quarter compared to the first three months of the year.
“We believe that the tremendous jump in sales is direct result of the $8,000 federal tax credit first-time homebuyer tax credit,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The tax incentive is turning fence-sitters into homebuyers even though the overall economy continues to struggle. “
“New Yorkers who are considering becoming first-time homeowners in 2009 should not delay in the search for their dream home,” MacKenzie added. “We anticipate the inventory of entry level priced homes will tighten as the summer comes to a close. We strongly suggest first-time buyers are under contract by October 1 to have the best chance of a closing before the December 1 tax credit deadline.”
New York REALTORS sold 7,404 existing single-family homes in New York State in June 2009, a 30.1-percent increase compared to the May total of 5,692. The June 2009 median sales price in New York State of $189,900 represents an increase of 2.8 percent compared to the $184,700 median recorded in May 2009.
Sales of existing single-family homes jumped 55 percent in the 2009 second quarter compared to the 2009 first quarter. REALTORS sold 18,141 homes in the second quarter. The second quarter median of $185,500 represents a decrease of 6.8 percent from the first quarter median of $199,000.
Complete data is available at http://www.nysar.com/media.asp
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.