Albany, NY – September 2, 2008 – (RealEstateRama) — Sales of existing single-family homes in New York State in July outpaced the June sales total by more than 6 percent, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.
“With more than half of the state’s counties experiencing growth in sales and median price from June, New York’s housing market is clearly building momentum as buyers continue to recognize the benefits available to them in the 2008 market. These include a greater selection of homes to chose from, moderating prices and low mortgage interest rates,” said Duncan R. MacKenzie, NYSAR chief executive officer. “We expect that additional buyers, particularly first-time buyers, will be coming on to the market in the coming months to reap the benefits of the recently enacted federal housing stimulus package.”
New York REALTORS sold 8,262 existing single-family homes in New York State in July 2008, a 6.8-percent increase compared to June. Thirty-five counties posted sales gains from June 2008. The July 2008 sales total lagged behind the July 2007 sales count of 9,661, a 14.5-percent decrease.
The July 2008 median sales price in New York State of $229,000 increased 6.5 percent compared to $215,000 recorded in June 2008. Median sales price increases were posted in 36 counties compared to June 2008. The July statewide median represents a 7.3-percent decrease from the July 2007 median of $247,000.
New York’s housing market sales continue to outpace national trends as indicated by the recent National Association of REALTORS’ market data release, which reported a 3.1-percent increase in existing single-family home sales between June and July. New York’s market is also performing slightly better than the Northeast region as a whole, which had a 5.9 percent increase in sales between June and July.
“The comparison of national and even regional data to New York’s local market data highlights the importance of consumers becoming educated about the housing market in the community where they wish to live, rather than relying on national reports to make their decisions,” said, MacKenzie. “As evidenced by our July 2008 data, local housing markets across New York State are keeping the American dream of homeownership alive and well for New Yorkers.”
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.
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Salvatore I. Prividera Jr.
Director of Communications
and Marketing
