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New York Housing Market Experiences Uneven Recovery

May 31, 2011

New York State home sales slowed in April from both March 2011 and April 2010, according to preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR). The statewide median sales price also declined on a month-to-month basis for the first time since October 2010. “Despite strong affordability conditions being created by low mortgage rates and a broad inventory of homes in all price ranges, factors such as a tight credit market and New York State’s nation-leading closing costs are suppressing sales activity,” said Duncan R. MacKenzie, chief executive officer of the New York State Association of Realtors (NYSAR). “Given the number of sales driven by last year’s federal homebuyer tax credit, a decrease compared to last April was expected. Yesterday’s announcement that Gov. Andrew Cuomo and both houses of the Legislature have reached an agreement on an effective property tax cap brings great optimism that both New York State’s housing market and economy will respond positively,” said MacKenzie. “For far too long our nation-leading closing costs and property taxes have created great barriers to homeownership for first-time homebuyers in the Empire State and as a result they have left New York in droves.” New York Realtors sold 4,900 existing single-family homes in April, a decrease of 23.4 percent from the April 2010 total of 6,397 and a 3.8-percent decline from March 2011. The April 2011 median sales price of $200,000 represents an increase of 5.3 percent from the April 2010 median of $190,000 and a 4.8-percent dip from the March 2011 median of $210,000. “This property tax cap will help keep our young people here by restoring their ability to enjoy and maintain the American Dream of homeownership in our state,” MacKenzie said, noting that REALTORS from across the state delivered their message of support for a property tax cap to their legislators earlier this week. “The cap will also provide much-needed relief to New York’s beleaguered homeowners and businesses who have been stretched by out-of-control property taxes during these tough economic times.”  
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May 31, 2011
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