Saturday, July 31, 2010

New York State second quarter home sales jump 71 percent from first quarter

Albany – July 22, 2010 – The New York state housing market continued its strong start to 2010 as second quarter sales, helped by a record-setting June sales total, jumped more than 71 percent from the first quarter, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The 2010 second quarter statewide median sales price grew by nearly 12 percent compared to the 2009 second quarter, despite falling by 5 percent from the first quarter of 2010.
“The New York State housing market has clearly benefited from the federal homebuyer tax credit,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The proof is in the 24,327 sales that closed in the 2010 second quarter and especially in the 11,230 new homeowners in June.”
“The federal tax credit and historically low mortgage rates created great opportunities for buyers in the first half of 2010 and they responded,” said MacKenzie. “While we did expect the number of June sales to increase significantly as buyers met the original closing deadline, we did not expect to break the June monthly sales record set in 2005.”
“With the extension of the tax credit closing deadline to September 30, tax credit driven sales will continue to buoy sales totals throughout the typically active summer market,” MacKenzie added, noting that the bulk of those sales are likely reflected in the June data.
New York REALTORS sold 24,327 existing single-family homes in New York State during the 2010 second quarter, an increase of 71.3 percent from the 2010 first quarter. The sales total represents a 30.9-percent increase compared to the 2009 second quarter. The June 2010 sales total of 11,230 was up 66.2 percent from the May 2010 total of 6,758 and 46.8 percent from June 2009.
The 2010 second quarter statewide median sales price of $204,450 represents an increase of 11.7 percent from a year ago and a 5.4-percent decrease from the 2010 first quarter. The June 2010 median sales price of $220,750 represents an increase of 19.3 percent compared to the June 2009 median and a 17.6-percent increase from the May 2010 median.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 54,000 of New York state’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

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