New York State Reports Home Sales Fall 30% Year-over-year in October

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According to preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR), New York state home sales fell by 7 percent in October from the previous month and were nearly 30-percent off the October 2009 sales pace. The statewide median sales price continued to rebound from a year ago, despite falling from September.

"The current unstable economic conditions are keeping many would-be buyers on the sidelines," said Duncan R. MacKenzie, NYSAR chief executive officer. "The reality is that now is a great time to be a homebuyer in New York state," said MacKenzie. "Buyers can enjoy the benefits of low mortgage rates, a wide selection of available inventory and improved affordability."

"The October housing market data does provide a positive indicator for sellers," said MacKenzie, noting the continuing trend of statewide median sales price growth from a year ago, which points to broader sales activity taking place across all market price segments.

New York Realtors sold 5,694 existing single-family homes in New York State during October 2010, a 7-percent decrease compared to the September 2010 sales total of 6,120. The October 2010 sales total was 29.3-percent below the October 2009 total of 8,059.

The October 2010 median sales price in New York State of $215,850 represents a decrease of 4.1 percent compared to the September 2010 median of $225,000 and an increase of 7.9 percent from the October 2009 median of $200,000.

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