(News Source: New York State Association of Realtors)
(ALBANY, NY) -- Driven by solid July and August sales, the New York State housing market posted more than 31 percent growth in the third quarter compared to the second quarter, according to preliminary existing single-family sales data accumulated by the New York State Association of Realtors. The statewide median sales price grew in the third quarter by nearly 11 percent compared to the second quarter.
"New York's strong third quarter provides clear evidence of the need for an extension of the federal first-time homebuyer's $8,000 tax credit," said Duncan R. MacKenzie, NYSAR chief executive officer. "From the inception of the tax credit, interest from first-time buyers across the state has increased. When coupled with favorable interest rates and pricing, many families and individuals discovered that 2009 was the right time to buy."
"Although the credit legally expires on Nov. 30, the reality is that the window of opportunity is effectively closed for most prospective buyers who have not yet gone to contract on a home," said MacKenzie. "It generally takes between 45 and 60 days to go from contract to closing."
"New York's 56,000 Realtors are joining with their colleagues across the nation to urge Congress to extend and expand the credit for an additional period of time in order to build upon the progress that has been made. Housing has always been a primary driver of the Empire State's economy and this action would help ensure it is positioned to lead the recovery."
New York Realtors sold 24,103 existing-single family homes in the 2009 third quarter, a 31.2-percent increase from the second quarter and only a 2.7-percent decline from the 2008 third quarter. The third quarter median of $205,000 represents a decrease of 10.8 percent from the second quarter median of $185,000.
The 7,003 existing single-family homes sold in September represent a decrease of 17.6 percent from the 8,498 homes sold in August. The September median of $213,900 represents a 5.2-percent increase from the August median of $203,312.