SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

April 25, 2011 16:06 ET

New York State Housing Market Lags Behind 2010 Start

ALBANY, NY--(Marketwire - Apr 25, 2011) - New York State home sales in the 2011 first quarter lagged behind last year's federal tax credit-driven market, falling off by nearly 5 percent, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®. The statewide median sales price increased by more than 5 percent from the first quarter of 2010.

"The slowing in sales from the start of last year was not unexpected given the absence of the federal tax incentive," said Duncan R. MacKenzie, NYSAR chief executive officer. "However, there is positive news to be found in the double-digit sales growth from the first quarter of 2009 and the continued median sales price growth. REALTORS® throughout the state are reporting an increased interest from consumers, which may help build the spring market."

"This renewed interest is tempered, however, by the barriers raised by our state's highest-in-the nation closing costs and high property tax burden," said MacKenzie. "REALTORS® far too often see first-time homebuyers forced to postpone achieving their dream of homeownership because they are unable to afford the ever-growing property tax burden."

"New York's REALTORS® are calling for the Assembly to pass Gov. Andrew Cuomo's two-percent property tax cap as the next logical step to provide meaningful relief to the Empire State's overburdened property taxpayers," MacKenzie said. "We're urging all New Yorkers to help 'Cap that Tax' by visiting www.taxcapny.com to learn more about the tax cap and ask their representatives in Albany to pass the governor's proposal."

New York REALTORS® sold 13,623 existing single-family homes during the first quarter of 2011, a decrease of 4.9 percent from the 2010 first quarter, but an increase of 13.4 percent from the 2009 first quarter. The March 2011 sales total of 4,989 represents a 22-percent increase from February 2011 and a 9.7-decrease from March 2010.

The 2011 first quarter median sales price of $226,600 represents an increase of 5.4 percent from the 2010 first quarter and a 4.4-percent hike from the 2010 fourth quarter. The March statewide median sales price of $215,000 represented a decrease of 10.4 percent from the February median of $240,000, but was 7.5 percent above the March 2010 median of $200,000

Additional data is available at http://www.nysar.com/content/Press.htm.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 50,000 of New York state's real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

Contact Information

  • For additional information, contact:
    Salvatore I. Prividera Jr.
    Director of Communications
    New York State Association of REALTORS®, Inc.
    130 Washington Avenue
    Albany, NY 12210
    518-463-0300x208 office
    sprividera@nysar.com