New York's Annual Home Sales Down 4.6% in 2010; Prices Edge Up

Residential News » Residential Real Estate Edition | By Michael Gerrity | January 25, 2011 10:17 AM ET

According to the New York State Association of Realtors (NYSAR), existing single-family sales were aided by the federal homebuyer tax credit coupled with low mortgage rates in the first half of 2010, despite overarching concerns about the economy. As a result, 74,718 existing single-family homes were sold in New York State in 2010, a decrease of 4.6 percent from 2009.

New York home values remained solid as the $215,000 annual statewide median sales price finished above both 2009 and 2008 sales prices.

"Without the federal homebuyer tax credit, we would undoubtedly be telling a much different story about the Empire State's 2010 housing market," said Duncan R. MacKenzie, NYSAR chief executive officer. "The tax credit, low mortgage rates and large inventory combined to help New York State homebuyers overcome larger concerns about the economy."

With little chance of another significant federal home buying incentive, the future of housing in our state may well be dictated by how state lawmakers address the enormous state budget deficit, a struggling overall economy and crippling property taxes," said MacKenzie. "New York's Realtors are hopeful and supportive of Governor Cuomo's efforts to cap property tax growth, and efforts to revitalize the state's economy and create jobs will be a significant factor in the future of the housing market."

"NYSAR's joint consumer research project with the Siena Research Institute shows the majority of New Yorkers value homeownership as part of the American Dream and that they are optimistic about the housing market going forward in 2011," MacKenzie said. "We believe that for this optimism to be fully realized our leaders in Albany must enact a property tax cap, provide mandate relief and create homebuyer savings programs."

New York Realtors sold 74,718 existing single-family homes in New York State in 2010, a 4.6-percent decrease from the 2009 total of 78,327.  The fourth quarter 2010 sales total of 17,409 represents a 21.3-percent decrease from the 2009 fourth quarter total of 23,057. December 2010 sales fell by 16.2 percent compared to December 2009 to finish at 6,110.

The 2010 annual statewide median sales price was $215,000, up 2.4 percent from 2009. The fourth quarter 2010 median sales price of $219,900 was up 7.3 percent from the 2009 fourth quarter. The December 2010 median sales price of $225,000 represented growth from both November 2010 and December 2009.

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