New York State Home Sales Up 17% in 3Q, 2011 Still Lags 2010 Pace

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According to the New York State Association of Realtors (NYSAR), New York State home sales were up more than 17 percent in the 2011 third quarter, compared to the 2010 third quarter. The statewide median sales price decreased slightly in both the third quarter and September compared to the same periods last year.

"While the solid third quarter and September home sales totals are encouraging, the overall 2011 housing market continues to experience an uneven recovery," said Duncan R. MacKenzie, NYSAR chief executive officer. "Even with the double-digit sales increase in the third quarter, the 2011 housing market remains 7.3-percent behind the federal tax-credit-driven 2010 market through September 30."

"We are concerned that this trend will continue since overall consumer confidence remains low, and the housing sector is not immune as evidenced by the recent NYSAR/Siena Research Institute Consumer Real Estate Sentiment Survey," said MacKenzie. "Consumer housing confidence is heavily influenced by their negative outlook on the economy and continued high unemployment. These factors have slowed sales across all sectors of the economy including housing despite historically low interest rates."

Over 53,145 existing single-family homes sold between January 1 and September 30, a decrease of 7.3 percent from the 57,630 sales during the same period in 2010. Third quarter 2011 sales were up by 17.4 percent (21,372) compared to 2010 third quarter (18,203). The 6,602 sales in September 2011 represent an increase of 7.2 percent compared to the 6,158 sales in September 2010.

The year-to-date (January 1 through September 30) statewide median sales price was $217,500, an increase of 2.6 percent compared the $212,000 median for the same period in 2010. The third quarter 2011 median was $220,000, a decrease of 3.3 percent from the third quarter 2010 median of $227,500. The September 2011 median sales price was $217,600, a decrease of 3.3 percent from the September 2010 median of $225,000.

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