Nysar Press Release Feed

New York State housing market slows after June tax credit sales rush

By NySAR — Tue, 24 Aug 2010 00:00:00 GMT

Albany – August 24, 2010 – Statewide sales of existing single-family homes in New York State fell by 50 percent in July compared to the record-setting June total, which was bolstered by buyers who closed before the then-June 30 federal homebuyer tax credit deadline. The preliminary single-family sales data accumulated by the New York State Association of REALTORS also showed selling price growth as the July statewide median increased nearly 5 percent from June.

“The falloff in sales from the record June totals was expected,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that the revised total of 11,518 sales was driven by tax credit buyers. “We believe the bulk of the tax credit sales were in the pipeline for June closings before the deadline was extended to September 30.”

“The federal homebuyer tax credit gave the market a much-needed boost in the first half of 2010, but it also appears to have resulted in buyers shifting the timing of their home purchases to take advantage of the opportunity,” MacKenzie said.

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

By NySAR — Thu, 22 Jul 2010 00:00:00 GMT

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.”

New York’s consumers see a bright future for the real estate market

By NySAR — Tue, 20 Jul 2010 00:00:00 GMT

The New York State Association of REALTORS, in partnership with the Siena Research Institute (SRI) released the first-ever quarterly New York State Consumer Real Estate Sentiment scores for the 2010 second quarter. Overall, the survey found New York consumers are negative about current real estate market, but optimistic about the future. They feel that it is a very good time to buy, but a poor time to sell. Selling prospects increase over the next year and buying remains positive, indicating high hopes for the future of the New York real estate market.

“The Sentiment Scores confirm that across New York people know that the last year has chipped away at the housing market and real estate values,” said SRI Director Don Levy, PhD. “But New Yorkers see value today and recognize that this may be one of the best times in quite a while to buy. And it is heartening to see that the housing market bedrock remains strong with future sentiment overall, and attitudes towards both buying and selling positive looking forward.”

These scores were derived from a survey conducted throughout April, May and June...

New York State home sales rise for third straight month

By NySAR — Fri, 25 Jun 2010 00:00:00 GMT

Albany – June 25, 2010 – Statewide sales of existing single-family homes in New York State increased nearly 5 percent in May from April and nearly 13 percent compared to May 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to May 2009.

“New York State’s housing market continues to show growth as we enter the typically active summer season,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for five consecutive months, and from prior-month sales for the past three months. “The federal homebuyer tax credit continues to drive the monthly sales total as buyers close on homes placed under contract before the April deadline.

“We expect the June sales figure to be strong also as buyers taking advantage of the homebuyer tax credit must close before the final deadline of June 30,” MacKenzie said...

Survey finds New Yorkers want government to cap property tax increases and take actions to support homeownership

By NySAR — Wed, 26 May 2010 00:00:00 GMT

Statement from New York State Association of REALTORS President Hank W. Fries Loudonville, NY – May 26, 2010 – Today, the results of the New York Homeownership Survey conducted by the Siena Research Institute show that a great majority of New Yorkers consider homeownership to be a quintessential piece of the American Dream, but one that has become increasingly difficult to achieve and maintain in the Empire State.

The study, commissioned by the New York State Association of REALTORS, finds nearly all New York State homeowners are satisfied with the ownership experience, and they find it to be a comfort to have a place to call their own. Most New York State homeowners expect their home to be a better investment than the stock market, and they expect the value of their homes to rise over the long-term. Homeownership connects people with their communities, and New York State’s REALTORS are proud to help thousands of our neighbors make this connection each year.

The homeownership survey shows...

New York State home sales on the rise as buyers take advantage of federal tax credit

By NySAR — Mon, 24 May 2010 00:00:00 GMT

Albany – May 24, 2010 – The New York state housing market continued to improve as April 2010 sales jumped nearly 20 percent compared to April 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to April 2009.

“The April data indicate two positive sales trends for the Empire State’s housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for four consecutive months, and from prior-month sales for the past two months. “The federal tax credit, along with low mortgage rates and a good selection of available inventory, continued to drive market activity in April.” He added that while the statewide median sales price has fluctuated on a month-to-month basis, it has consistently shown growth compared to the year-ago medians.

“We expect that sales totals will be strong through June...

New York State first quarter home sales up nearly 18 percent from the 2009 first quarter

By NySAR — Fri, 23 Apr 2010 00:00:00 GMT

Albany – April 23, 2010 – The New York state housing market continued its strong start to 2010 compared to a year ago as first quarter sales were up nearly 18 percent compared to the 2009 first quarter, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The 2010 first quarter statewide median sales price rose by more than 12 percent compared to the first quarter of 2009.

“As expected, home sales in the first quarter were markedly improved from a year ago, thanks in large part to the federal homebuyer tax credit, low mortgage rates and available inventory,” said Duncan R. MacKenzie, NYSAR chief executive officer. “We anticipate that these conditions will also result in a strong sales numbers between April and June as buyers strive to meet the tax credit program deadlines.”

To be eligible for the federal homebuyer tax credit, buyers must be under contract prior by April 30 and close on their new home by June 30, MacKenzie noted.

REALTOR boards/associations across New York State participate in Nationwide Open House Weekend

By NySAR — Mon, 05 Apr 2010 00:00:00 GMT

Albany – April 5, 2010 – Many local REALTOR boards/associations and their members across New York State and the country will be showing homes to the public as part of a Nationwide Open House Weekend, April 10-11, 2010. Local sellers will be able to showcase their homes and interested buyers will have an opportunity to visit houses in their area without having to make an appointment for a showing.

Homebuyers hoping to take advantage of the up-to-$8,000 tax credit for first-time buyers or the up-to-$6,500 tax credit for current homeowners will view homes in hopes of meeting the tax credit contract deadline of April 30, 2010. The tax credit will not likely be extended, so those considering buying a home in New York State should take advantage of this event and the possible opportunity to benefit from the tax credit before it expires.

Owning a home provides comfort, stability and a sense of community. With the homebuyer tax credit, a large inventory of houses and low mortgage rates, it’s never been a better time to buy a home. Interested buyers should contact a REALTOR...

New York State home sales continue to post gains compared to 2009

By NySAR — Wed, 24 Mar 2010 00:00:00 GMT

Albany – March 24, 2010 – 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, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. 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...

January 2010 New York State home sales up 11 percent from year ago

By NySAR — Fri, 26 Feb 2010 00:00:00 GMT

Albany – February 26, 2010 – The New York state housing market posted an improved start to 2010 compared to the beginning of last year with sales increasing by 11 percent compared to January 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price jumped more than 30 percent compared to January 2009.

“We are encouraged by the improved start to the 2010 housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Despite the fall off from a very strong December market, the 11-percent increase in sales from last January and the median price gain are good signs for the continued recovery of our housing market into 2010.”

MacKenzie noted that the flurry of buyer activity in October and November as the previous federal tax credit deadline approached likely drove the market higher in December. “Once the deadline pressure was released by the extension and expansion of federal homebuyer tax credit, many of those buyers became homeowners in December and January,” MacKenzie said...