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1/25/2010

New York housing market finishes strong in ’09 fueled by solid second half

Albany – January 25, 2010 – Fueled by a recovery in the second half of the year, statewide sales of existing single-family homes in New York State rebounded from a double-digit deficit in the first half of the year to finish only 3.2-percent behind the 2008 total. According to preliminary existing single-family sales data accumulated by the New York State Association of REALTORS, 77,176 homes were sold statewide during 2009.

“As 2009 progressed, the combination of the federal first-time homebuyer tax credit, historically low mortgage rates and moderating prices resulted in New Yorkers gaining confidence about it being a good time to buy a home in the Empire State,” said Duncan R. MacKenzie, NYSAR chief executive officer. “In the first half of 2009 many would be buyers remained on the sidelines due to reports of the so-called ‘national’ housing market collapse and the overarching economic uncertainty.”

“Once New Yorkers came to understand that all housing markets are local and that their local market could not be painted with the same brush as severely depressed markets in other locales, there was a renewed interest in ..."

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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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