Monthly Home Sales Fall in New York, Up from Last Year

March 28, 2012 (Shirley Allen)

Monthly sales of existing single-family homes in the state of New York fell slightly from the previous month, but remained higher than last year, while home prices improved for the third consecutive month according to the latest housing data from the New York State Association of Realtors® (NYSAR).

An estimated total of 4,521 existing single-family homes were sold in the Empire State in February. That was 2.6 percent lower than the revised 4,639 homes sold in January but 9.6 percent higher than the 4,124 homes sold in February 2011.

The median sales price for an existing home in New York improved for the third consecutive month, increasing by 6.3 percent in February to $220,000, up from $212,500 in January, but still 8.3 percent lower than the median price of $239,900 in February of last year.

Duncan R. MacKenzie, chief executive officer of NYSAR, stated, “We are pleased to see the upswing in February sales after several years of flat sales numbers in that month. In addition to strong market fundamentals such as historically low mortgage rates and plentiful inventory, the mild winter kept buyers out of hibernation and active on the market.”

Of the 41 counties that provided data for the monthly report, nineteen counties reported gains or were unchanged from the previous month with Essex County (+137.5 percent) reporting the largest increase while Delaware County (-58.3 percent) posted the largest monthly decline in sales.

Year-over-year, 26 counties reported sales gains with the largest gain posted in Chenango County (+187.5 percent) and the largest decline posted in Clinton County (-51.6 percent).

Suffolk County recorded the most sales for the month with an estimated 521 home sales, down from 562 the previous month, while Nassau County followed with an estimated 494 home sales for the month, down from 522 in January.

“For the third straight month, the statewide median sales price has increased and is at the highest point since September 2011. Despite some fluctuation, the monthly statewide median has remained above $200,000, providing a positive indicator for the market,” MacKenzie added.

Tags: existing homes, condos, sales, median home prices, New York

Source:
NYSAR