Albany – November 24, 2008 – Existing single-family home sales in New York State decreased by 2.4 percent in October 2008 compared to September, while the median selling price remained stable at $210,000, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.
“We know that homeowners are most concerned about the value of their property,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Home prices have been relatively steady during the past several months, which should bring some level of confidence to sellers and signal buyers that now is the time to get back into the market.” He noted that a decrease in sales from September to October is historically typical in New York’s seasonal market.
New York REALTORS sold 7,085 existing single-family homes in New York State in October 2008, a 2.4-percent decrease from the September 2008 total of 7,259, and an 11.8-percent decrease compared to the October 2007 total of 8,035. Twenty-eight counties posted sales gains from October 2007.
The October 2008 median sales price in New York State of $210,000 was identical to the median posted in September 2008. The October 2008 statewide median decreased 1.8 percent compared to the October 2007 median of $213,828. Twenty-three counties posted median sales price gains from October 2007.
“While the pace of existing single-family homes sales is expected to remain at the traditionally slower pace in the coming months, New York’s REALTORS are joining with REALTORS from across the nation in calling on Congress to make the $7,500 first-time homebuyer credit available to all buyers, eliminate the credit’s current repayment requirements, and make permanent the 2008 FHA, Fannie Mae and Freddie Mac loan limits,” said MacKenzie. “We firmly believe that incentives such as these will allow housing to take a lead role in our nation’s economic recovery.”
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 62,000 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.
-###-
Salvatore I. Prividera Jr.
Director of Communications
and Marketing