New York State Housing Market Improves in May

Residential News » Residential Real Estate Edition | By Michael Gerrity | June 24, 2011 11:00 AM ET

According to the New York State Association of Realtors (NYSAR), New York State May home sales increased by nearly 12 percent from April, but are well behind the federal tax credit fueled market of May of 2010. The statewide median sales price posted gains from both April and May 2010.

"It is encouraging to see the market in a typical rhythm," said Duncan R. MacKenzie, NYSAR chief executive officer. "New York's seasonal housing market tends to begin building momentum in the spring and May's activity provides a positive springboard into the typically busy summer market."

"As we look forward, the housing market and overall state economy recovery will be heavily influenced by legislative actions taken in Albany and Washington," said MacKenzie. "Homeowners and businesses are anxiously awaiting news that the property tax cap is law. This cap will provide much-needed tax relief, allowing current homeowners to live better and will make homeownership more affordable for first-time buyers."

"Additionally, a number of proposals being considered in Washington could further jeopardize the housing recovery including a possible rule that would effectively raise minimum down payment requirements to 20 percent," said MacKenzie. "While we need to return to providing safe mortgages to creditworthy buyers, we do not need new requirements that would keep qualified families out of the market by placing an unreasonable down payment barrier on them."

New York Realtors sold 5,565 existing single-family homes in May, an increase of 11.7 percent from the April total of 4,984. The May 2011 sales total declined by 18.2 percent from the May 2010 total of 6,800.

The May 2011 median sales price of $211,900 represents an increase of 6.5 percent from the April 2011 median of $199,000 and a 13.6-percent increase from the May 2010 median of $186,500.

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