New York Home Sales Increase 3.7% in August 2010, Still 30% Below Last Augusts' Numbers

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Preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR) reports that sales of existing single-family homes in New York State increased in August from July by 3.7 percent, but remained 30-percent below the August 2009 total.

The data also showed strong median price growth compared to both last month and August 2009. "We believe that the lower than typical August sales total continues to reflect the shift in sales to the first half of the year as buyers took advantage of the federal homebuyer tax credit," Duncan R. MacKenzie, NYSAR chief executive officer, adding that modest monthly home sales totals are expected for the balance of the year as both the housing market and economy continue to recover.

"It is also important to recognize that the statewide median sales price has been increasing since May," MacKenzie said. "Price growth is a positive sign for sellers and also an indicator to buyers that the best purchase price opportunity may be today instead of further down the road."

"We know from our research that 84 percent of New Yorkers consider homeownership to be an important piece of achieving the American Dream," said MacKenzie, referencing the findings of the New York Homeownership Survey conducted by the Siena Research Institute earlier this year.

"Those considering the purchase of a home in today's market have a rare opportunity in terms of historically low mortgage rates and available inventory," he said.

New York Realtors sold 6,062 existing single-family homes in New York State during August 2010, a 3.7-percent increase compared to the July total of 5,843. The August 2010 sales total was 30-percent below the August 2009 total of 8,653.

The New York State August 2010 median sales price of $240,000 represents an increase of 9.1 percent compared to the July 2010 median of $220,000 and an increase of 20 percent from the August 2009 median of $200,000.

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