New York State's Home Sales Dip 3.7% in January

Residential News » Residential Real Estate Edition | By Michael Gerrity | February 24, 2011 12:24 PM ET

According to single-family sales data from the New York State Association of Realtors (NYSAR), January 2011 home sales across New York State decreased by 3.7 percent from the January 2010, while improving 18 percent from two years ago. The statewide median sales price continued the 2010 stabilization trend.

"January is typically a slow month for home sales in the Empire State due to seasonal weather conditions and this year's harsh winter undoubtedly affected sales," said Duncan R. MacKenzie, NYSAR chief executive officer. "In looking at the past three years, the January 2011 sales level was typical, slightly behind last year and showing growth from 2009."

"It is important to note that the statewide median sales price continues to remain stable after a post-boom correction," said MacKenzie. "Prices have shown growth from 2009, and are at realistic and sustainable levels. Even with this price growth, affordability conditions for qualified buyers remain favorable, aided by low mortgage rates."

"New York's Realtors remain optimistic about the 2011 housing market, especially if both consumer confidence in the economy and access to mortgages for those with good credit improve," MacKenzie said. "We also believe homeownership in the Empire State will receive a boost from the successful enactment of Gov. Andrew Cuomo's proposed property tax cap, and his efforts to revitalize the state's economy and create jobs."

New York Realtors sold 4,479 existing single-family homes in New York State during January 2011, a 3.7-percent decrease compared to the January 2010 sales total of 4,653 and 28-percent behind December's 6,218 total. The January 2011 sales total was 18-percent above the January 2009 total of 3,797.

The January 2011 statewide median sales price of $227,000 represents a decrease of 1.3 percent compared to the January 2010 median of $230,000, while posting a 2.3-percent increase from December 2010.


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