New York Housing Market Posts a 12 Percent Gain in July

Residential News » Residential Real Estate Edition | By Michael Gerrity | August 21, 2009 11:15 AM ET

(News Source: New York State Association of Realtors)

(ALBANY, NY) -- The New York State housing market posted its fifth consecutive monthly sales increase in July, according to preliminary existing single-family sales data accumulated by the New York State Association of Realtors. The statewide median sales price jumped nearly 10 percent compared to June.

"New York's housing market continued to gain momentum in July, providing a clear indicator that many New Yorkers recognize the value of homeownership and have decided 2009 is a good time to buy a home," said Duncan R. MacKenzie, NYSAR chief executive officer.

"We believe the continued sales growth is a positive result of the federal first-time homebuyer $8,000 tax incentive," MacKenzie said. "We expect the state's new Mortgage Credit Certificate program, when coupled with the first-time buyer credit, will bring additional buyers back to the market and further boost the recovery of both the state's housing market and economy."

MacKenzie noted that the association forecasts a tightening of entry level priced homes as the first-time buyer credit deadline approaches. He offered a reminder that buyers should be under contract by October 1 to have the best chance of a closing by the November 30 tax credit deadline.

New York REALTORS® sold 8,398 existing single-family homes in New York State in July 2009, an 11.8-percent increase compared to the June total of 7,509. The July 2009 sales total was only 3.6 percent below the 8,711 sales closed in July 2008.

The July 2009 median sales price in New York State of $205,000 represents an increase of 9.6 percent compared to the $187,000 median posted in June 2009.

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