New York's Year-Over-Year Home Sales Jump 13.2% in February, Median Prices Up 12%

New York's Year-Over-Year Home Sales Jump 13.2% in February, Median Prices Up 12%

Residential News » Residential Real Estate Edition | By Michael Gerrity | March 29, 2010 10:59 AM ET

According to preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR) today, the New York state housing market continued to post double-digit sales gains compared to a year ago as February 2010 sales jumped 13.2 percent compared to February 2009. The statewide median sales price rose by more than 12 percent compared to February 2009.

"The second consecutive month of double-digit sales increases compared to a year ago is a very positive indicator of the strengthening of the Empire State's housing market," said Duncan R. MacKenzie, NYSAR chief executive officer. "The New York State housing market is starting 2010 significantly stronger than 2009 both in terms of sales and median sales price growth."

"This stronger start, unfortunately, has not translated to sustained month-to-month sales growth," MacKenzie said, noting that monthly sales totals have declined since November 2009 including an 11.8 percent dip between January and February. "Some of the monthly declines can be attributed to the unusually heavy market activity in the late fall and typical seasonal market factors."

"We anticipate another flurry of market activity in late March and April as both first-time and trade-up buyers seek to get their next home under contract before the April 30 deadline," MacKenzie said, adding that these buyers will need to close on their home before June 30 to be eligible for the federal homebuyer tax credit. "The federal tax credit program's success in aiding the housing market recovery can already be seen in the market activity of the last several months and will continue to be reflected in sales data through the middle of 2010."

New York Realtors sold 4,016 existing single-family homes in New York State during February 2010, a 13.2-percent increase compared to the February 2009 sales total of 3,548. February sales did lag behind the January 2010, when 4,555 homes were sold.

The February 2010 median sales price in New York State of $225,000 represents an increase of 12.5 percent compared to the February 2009 median of $199,950, but fell off by 4.3 percent from the January 2010 median of $235,000.

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