SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

February 24, 2011 10:00 ET

New York State January Housing Market Slightly Off 2010 Pace

ALBANY, NY--(Marketwire - February 24, 2011) - New York State January 2011 home sales decreased by 3.7 percent from January 2010, while improving 18 percent from two years ago, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®. The statewide median sales price continued the 2010 stabilization trend.

"January is typically a slow month for home sales in the Empire State due to seasonal weather conditions and this year's harsh winter undoubtedly affected sales," said Duncan R. MacKenzie, NYSAR chief executive officer. "In looking at the past three years, the January 2011 sales level was typical, slightly behind last year and showing growth from 2009."

"It is important to note that the statewide median sales price continues to remain stable after a post-boom correction," said MacKenzie. "Prices have shown growth from 2009, and are at realistic and sustainable levels. Even with this price growth, affordability conditions for qualified buyers remain favorable, aided by low mortgage rates."

"New York's REALTORS® remain optimistic about the 2011 housing market, especially if both consumer confidence in the economy and access to mortgages for those with good credit improve," MacKenzie said. "We also believe homeownership in the Empire State will receive a boost from the successful enactment of Gov. Andrew Cuomo's proposed property tax cap, and his efforts to revitalize the state's economy and create jobs."

New York REALTORS® sold 4,479 existing single-family homes in New York State during January 2011, a 3.7-percent decrease compared to the January 2010 sales total of 4,653 and 28-percent behind December's 6,218 total. The January 2011 sales total was 18-percent above the January 2009 total of 3,797.

The January 2011 statewide median sales price of $227,000 represents a decrease of 1.3 percent compared to the January 2010 median of $230,000, while posting a 2.3-percent increase from December 2010.

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 52,000 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