New York State Home Sales Increase 5% in May

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According to preliminary single-family sales data accumulated by the New York State Association of Realtors, statewide sales of existing single-family homes in New York State increased nearly 5 percent in May from April and nearly 13 percent compared to May 2009.

The statewide median sales price also rose by more than 8 percent compared to May 2009.

"New York State's housing market continues to show growth as we enter the typically active summer season," said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for five consecutive months, and from prior-month sales for the past three months. "The federal homebuyer tax credit continues to drive the monthly sales total as buyers close on homes placed under contract before the April deadline.

"We expect the June sales figure to be strong also as buyers taking advantage of the homebuyer tax credit must close before the final deadline of June 30," MacKenzie said. He added that buyers who have missed the tax credit can still take advantage of historically low mortgage rates and a good selection of available inventory.

New York Realtors sold 6,545 existing single-family homes in New York State during May 2010, a 12.8 percent increase compared to the May 2009 sales total of 5,801. May sales also increased from April 2010 when 6,285 homes were sold.

The May 2010 median sales price in New York State of $194,900 represents an increase of 8.3 percent compared to the May 2009 median of $180,000, and increased by 1 percent from the April 2010 median of $193,000.

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