NYSAR - New York State Association of REALTORS, inc.

 
Current Press Release
8/24/2010

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

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.

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The Albany, NY-based 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.

 
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