Albany – April 25, 2007 – Sales of existing single-family homes in New York state in March rose by more than 25 percent compared to the previous month, while the statewide median price decreased slightly, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.
The March 2007 sales total of 6,973 represents a 25.3 percent increase compared to the February 2007 sales total of 5,564. The March 2007 total represents a 6-percent decrease compared to the March 2006 sales total of 7,415.
The March 2007 statewide median sales price of $252,500 fell by 3.9 percent compared to the February 2007 total of $262,750. The March 2007 median represents a 5.2-percent increase compared to the March 2006 statewide median selling price of $240,000.
Sales gains were reported in 47 reporting counties compared to February 2007, while 25 reported growth compared to March 2006.
Thirty-six counties reported gains in median selling price compared to February, while 37 posted gains compared to March 2006.
“The New York housing market data show an exceptional March, especially when compared to the sluggish national housing market,” said Charles M. Staro, NYSAR chief executive officer. “We anticipate a strong spring and summer sales season driven by favorable mortgage rates and elevated inventory levels. While a tightening in subprime mortgage availability may slow that market segment, the overall outlook is favorable.”
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 64,000 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 Special Projects