New York housing market sales pace improves, median price holds

Albany – June 30, 2008 –Sales of existing single-family homes in New York State in May outpaced April by nearly 12 percent, with more than 80 percent of New York’s reporting counties seeing an increase in sales, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

New York REALTORS sold 6,623 existing single-family homes in New York State in May 2008, an 11.8-percent increase compared to April. The May 2008 sales total lagged behind the May 2007 sales count of 7,957, a 16.8-percent decrease.

According to the National Association of REALTORS (NAR), existing single-family home sales rose just 1.6 percent nationally compared to April 2008 and decreased 14.5-percent compared to May 2007. 

The May 2008 median sales price in New York State of $210,000 held steady at the April 2008 level. The May statewide median represents an 8.7-percent decrease from the May 2007 median of $230,000.

According to NAR, the median existing single-family home price was $206,700 nationally in May 2008, a 3.6-percent increase compared to the national median of $199,600 in April 2008, but a 6.8-percent decrease compared to $221,900 median price reported in May 2007.

“Sales gains were reported in 47 New York counties this month, with a collective sales increase if 11.8 percent compared to April 2008,” said Duncan R. MacKenzie, NYSAR chief executive officer. “When compared to the national numbers, New York State’s housing market is faring better, which is encouraging to see as we head into the summer months.”

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 61,000 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

All 2008 Press Releases >>