SOURCE: New York State Association of REALTORS

New York State Association of REALTORS

November 29, 2011 12:00 ET

New York State October 2011 Housing Market Keeps Pace With October 2010

ALBANY, NY--(Marketwire - Nov 29, 2011) - New York State October home sales and the statewide median sales price kept pace with the 2010 October market, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®. The number of homes sold in October 2011 dropped from September 2011 indicating that the market still is finding its identity.

"The October data show that the market has not entered into a trend either positive or negative," said Duncan R. MacKenzie, NYSAR chief executive officer. "The October year-to-year volume stability countered by month-to-month loss indicates a market subject to fluctuating consumer needs."

"Despite continuing market fundamentals favoring affordability such as historically low mortgage rates and available inventory, overly stringent lending standards for qualified buyers combined with concerns about the economy continue to hamper housing market sales. Sustainable housing market recovery will not occur until consumer confidence in the economy returns and the recent gains in job growth become a long-term trend," MacKenzie said.

New York REALTORS® sold 5,866 existing single-family homes in October 2011, an increase of 1.4 percent from October 2010. The October 2011 sales total fell 11.7 percent from the September 2011 total of 6,647.

The October 2011 median sales price was $215,900, an increase of 1.6 percent from October 2010 and on par with the September median of $216,000.

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

  • 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