(ALBANY, NY) -- Driven by buyers wanting to close before the anticipated first-time homebuyer tax credit deadline, October sales jumped nearly 8 percent from the previous month and nearly 6 percent compared to October 2008, according to preliminary existing single-family sales data accumulated by the New York State Association of Realtors. The statewide median sales price rose by more than 2 percent between September and October.
"There is no question that the federal first-time homebuyer tax credit has been a significant driver of home sales in New York State since its inception," said Duncan R. MacKenzie, NYSAR chief executive officer. "New York's Realtors are grateful that our Congressional delegation understood this and forwarded legislation to extend and expand the tax credit to President Barack Obama, who signed it into law."
"Realtors know that the tax credit has helped to revitalize the housing market and position it to once again lead our economic recovery," said MacKenzie. "The extension of the first-time buyer credit and the creation of a tax credit for existing homeowners who purchase their next home will allow both the housing market and our economy to hold on to the gains that have been made in recent months."
"We anticipate the expansion of the tax credit will bring trade-up buyers back into the market, driving sales in all segments of the market in addition to helping to ease the tightening of inventory in the first-time buyer segment."
New York Realtors sold 7,783 existing single-family homes in New York State in October 2009, a 7.7-percent increase compared to the September total of 7,224. The October 2009 sales total was 5.7 percent above the October 2008 total of 7,363.
The October 2009 median sales price in New York State of $209,900 represents an increase of 2.4 percent compared to the September 2009 median of $205,000.