New York's Home Sales Jump 34% in November

---

(ALBANY, NY) -- According to preliminary existing single-family sales data accumulated by the New York State Association of Realtors, statewide sales of existing single-family homes in New York State jumped 34 percent in November 2009, compared to November 2008, the statewide median sales price rose by 3 percent compared to November 2008.

"While the jump in sales compared to last November is obviously a positive sign for the state housing market, the 5.5-percent increase compared to 2007 indicates a return to a typical November sales level," said Duncan R. MacKenzie, NYSAR chief executive officer. "This is a strong indicator of the continued recovery of the statewide housing market."

"The federal first-time homebuyer tax credit continues to drive our housing market," said MacKenzie. "We anticipate the tax credit extension and expansion to include repeat buyers will continue to aid the recovery of the New York State housing market into next year, particularly in the spring."

MacKenzie noted that New Yorkers will be additionally aided by the recently announced state Tax Credit Advance Loan program for eligible SONYMA borrowers set to launch on January 1, 2010. "This program will particularly help first-time homebuyers who struggle to save enough money to cover all of New York's highest-in-the-nation up-front costs of purchasing a home. Many will now be able to close that gap by utilizing the federal homebuyer tax credit at the closing table through the advance loan program."

New York Realtors sold 7,424 existing single-family homes in New York State in November 2009, a 34-percent increase compared to the November 2008 total of 5,542. The November 2009 sales total was 5.6-percent below the October 2009 total of 7,866.

The November 2009 median sales price in New York State of $210,000 represents an increase of 3 percent compared to the November 2008 median of $203,950, and is 2.4-percent above the revised October 2009 median of $205,000.

---