New York Home Sales Show Double-Digit Increases in August

New York State home sales were up nearly 26 percent in August compared to the same time last year, and up 11.4 percent compared to the July sales total, according to preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR). The statewide median sales price decreased slightly from July. “The jump in August sales while the median sales price decreased for the first time in four months continues to show uneven recovery in our state’s housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer. “These August numbers need to be seen in the context of the post federal tax-credit hangover last year and a weak July market this year.” New York Realtors sold 7,752 existing single-family homes in August, an increase of 25.8 percent from the August 2010 total of 6,163. The August 2011 sales total is also an increase of 11.4 percent compared to the July 2011 total of 6,960. The August 2011 median sales price of $220,000 represents a decrease of 1.8 percent compared to the July 2011 median sales price of $224,000 and a decrease of 7.6 percent compared to the August 2010 median sales price of $238,000. “Historically low interest rates and strong affordability conditions should be enticing to consumers,” said MacKenzie. “But with dismal economic news and slow job growth, buyer enthusiasm remains greatly tempered. We anticipate the market to remain in an uneven recovery, especially given the devastation caused by Tropical Storms Irene and Lee in many areas of our state.”