New York Home Sales Activity Increases 11% over Last Year, Prices Jump 30%

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(ALBANY, NY) -- According to preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR), the New York state housing market posted an improved start to 2010 compared to the beginning of last year with sales increasing by 11 percent compared to January 2009. The statewide median sales price jumped more than 30 percent compared to January 2009.

"We are encouraged by the improved start to the 2010 housing market," said Duncan R. MacKenzie, NYSAR chief executive officer. "Despite the fall off from a very strong December market, the 11-percent increase in sales from last January and the median price gain are good signs for the continued recovery of our housing market into 2010."

MacKenzie noted that the flurry of buyer activity in October and November as the previous federal tax credit deadline approached likely drove the market higher in December. "Once the deadline pressure was released by the extension and expansion of federal homebuyer tax credit, many of those buyers became homeowners in December and January," MacKenzie said, adding that buyers are expected to again flood the market in March and April as the new deadline approaches.

"The combination of the federal homebuyer tax credit, the SONYMA Tax Credit Advance Loan program and historically low mortgage interest rates make the beginning of 2010 a great time to buy a home in the Empire State," said MacKenzie. "Consumers began to recognize this as 2009 progressed and undoubtedly many will become new homeowners between now and the April 30 tax credit deadline." MacKenzie noted that buyers must be under contract by April 30 and close before June 30 to be eligible for the federal tax credit.

New York Realtors sold 4,468 existing single-family homes in New York State in January 2010, an 11-percent increase compared to the January 2009 sales total of 4,024. January sales did lag behind the stronger than usual December 2009 market, when 7,403 homes were sold.

The January 2010 median sales price in New York State of $242,750 represents an increase of 30.5 percent compared to the January 2009 median of $186,085, and is 13-percent above the revised December 2009 median of $213,800.

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