New York Home Sales and Prices Slide in April

June 4, 2012 (Shirley Allen)

Monthly sales of existing single-family homes in the state of New York fell by 49 transactions in April but remained above the previous year’s tally, while home prices also took a step back, though also still remaining above the previous year’s levels according to the latest housing data from the New York State Association of Realtors® (NYSAR).

An estimated total of 5,233 existing single-family homes were sold in the Empire State in April. That was 0.9 percent lower than the revised 5,282 homes sold in March but was still 2.3 percent higher than the 5,115 homes sold in April 2011.

The median sales price for an existing home in New York fell to $205,000 in April from $210,000 in March. The median price was still 5.3 percent higher than the median price of $194,650 in April of last year.

Duncan R. MacKenzie, chief executive officer of NYSAR, stated, “The news continues to be positive for the state’s housing market. After speaking with REALTORS from across the state, there is a strong sense that the market has turned the corner.”

Of the 42 counties that provided data for the monthly report, twenty-three counties reported gains or were unchanged from the previous month with Columbia County (+66.7 percent) reporting the largest increase among counties with 20 or more sales while Chemung County (-35.2 percent) posted the largest monthly decline in sales.

Year-over-year, twenty counties reported sales gains with the largest gain posted in Cortland County (+123.1 percent) and the largest decline posted in Warren County (-45.9 percent).

Suffolk County recorded the most sales for the month with an estimated 542 home sales, down from 586 the previous month, while Nassau County followed with an estimated 540 home sales for the month, up from 529 in April.

“Although we did not experience month-to-month gains, the market appears poised for a strong summer compared to 2011. Consumer confidence continues to improve and affordability conditions remain very favorable,” MacKenzie added.

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

Source:
NYSAR