New York State housing market posts monthly sales gains for third consecutive month

The New York State housing market posted sales gains for the third consecutive month with an 11-percent increase in closed sales of existing single-family homes in May compared to April, according to preliminary single-family sales data accumulated by the New York State Association of Realtors. “With the $8,000 federal tax credit, great mortgage rates and confident buyers who recognize the benefits of homeownership, New York’s housing market is poised to have a strong summer,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The solid May market provides a great springboard for the typically busy summer season and we are encouraged by the data.” “Our members indicate to us that the federal tax credit is working very well in bringing first-time buyers to the market,” said MacKenzie. “We are hopeful that New York’s lawmakers will act favorably on a proposal before them to create a $7,000 state homebuyer tax credit to further bolster the housing market’s ability to lead the Empire State out of the current recession. MacKenzie noted that New York’s Realtors continue to urge first-time buyers to be under contract by the end of September to ensure a closing before the Dec. 1 federal tax credit deadline. New York Realtors sold 5,557 existing single-family homes in New York State in May 2009, an 11.2-percent increase compared to April 2009, but a 19 percent decrease compared to May 2008. The May 2009 median sales price in New York State of $189,000 represents an increase of nearly two percent compared to the $185,400 median recorded in April 2009, and a decrease of 7.8 percent compared to the May 2008 median of $205,000. For more information, visit www.nysar.com.