New York Housing Market Stays on Track in August

Residential News » Residential Real Estate Edition | By Michael Gerrity | September 24, 2009 12:20 PM ET

(News Source: New York Association of Realtors)

(ALBANY, NY) -- The New York State housing market posted a solid monthly sales total in August despite falling slightly below the July 2009 level and ending five consecutive months of growth, according to preliminary existing single-family sales data accumulated by the New York State Association of Realtors. The statewide median sales price grew in August compared to the revised July median.

"New York's housing market continues to maintain a strong sales pace, helped in part by the $8,000 federal first-time homebuyer credit, as evidenced by the August total," said Duncan R. MacKenzie, NYSAR chief executive officer. "We believe the slight decrease in sales is not an indicator of any change in the overall health of the New York housing market, and we anticipate the market will remain active into the early fall."

"The growth New York's housing market has experienced since March is the best proof that our lawmakers in Washington should extend the tax credit, which is due to expire on November 30," said MacKenzie. "Congress has an opportunity to keep the housing and economic recovery going by making the tax credit available to more homebuyers. 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."

MacKenzie noted first-time buyers who plan to take advantage of the existing tax credit should be under contract early in October to have the best chance for a closing by the November 30 deadline.

New York Realtors sold 8,383 existing single-family homes in New York State in August 2009, a 2.3-percent decrease compared to the July total of 8,583. The August 2009 sales total was only 2.80-percent below the 8,628 sales closed in August 2008.

The August 2009 median sales price in New York State of $205,000 represents an increase of 2.5 percent compared to the revised July 2009 of $200,000.


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