Albany – Jan. 30, 2012 – Fueled by fourth quarter sales growth, home sales in New York State rebounded to finish only 3.9 percent behind the federal tax credit-driven 2010 market, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price remained stable through the year and remained on par with 2010 at year’s end.
“The housing market sales comeback in the fourth quarter builds hope for an improving 2012 market,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The continued stabilization of the statewide median sales price is a positive sign for homeowners, and a signal for would-be buyers that it’s time to focus on advantages such as record-low mortgage rates and solid affordability factors rather than price declines.”
“The upward sales swing seems to contradict the low consumer confidence in the housing market as reported in the recent NYSAR/Siena Research Institute Consumer Real Estate Sentiment Survey,” said MacKenzie. “The statewide housing market continues to be unpredictable, punctuated by upswings that have yet to emerge as an ongoing trend.”
New York REALTORS sold 72,058 existing single-family homes in 2011, a decrease of 3.9 percent from the 74,970 sold in 2010. There were 18,345 sales of existing single-family homes in the 2011 fourth quarter, an increase of 4.2 percent from 17,607 sales in the 2010 fourth quarter. The 6,405 sales in December 2011 represent an increase of 2.4 percent from December 2010 and a 10.7-percent increase from November 2011.
The 2011 statewide annual median sales price was $212,500, down 0.7 percent from $214,000 median in 2010.The fourth quarter 2011 median was $205,000, a decrease of 5.1 percent from the fourth quarter 2010 median of $216,000. The December 2011 median sales price was $202,000, a decrease of 8.2 percent from the December 2010 median of $220,000.
Additional data is available at here.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 48,000 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
New York State Association of REALTORS, Inc.
130 Washington Avenue
Albany, NY 12210