Statewide Home Sales See Near Six Percent Monthly Climb in New York

The 2012 New York State housing market began 2012 with sales on par with January 2011, according to preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR). The statewide median sales price climbed nearly six percent from December 2011. “In terms of sales, January 2012 was a typical first month of the year, especially when compared to the start of the past two years,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Looking at the past decade, it is also characteristic of our seasonal market that January sales lag behind December of the previous year.” New York Realtors sold 4,529 existing single-family homes in New York State during January 2012, a 0.8 percent decrease compared to the January 2011 sales total of 4,564 and 29.6 percent behind December’s 6,437 total. The January 2012 sales total was also 1.5 percent behind the January 2010 total of 4,600. “The statewide median sales price continues to provide a positive indicator for the market as it reached its highest monthly level since September,” said MacKenzie. “The monthly statewide median has remained above the $200,000-level since May 2011, and despite some fluctuation has remained relatively stable since then. While the statewide housing market has not yet reached a sustainable upward sales trend, solid market fundamentals, such as low interest rates, and improving economic conditions may work to bring more buyers back to the market as we move through 2012.” The January 2012 statewide median sales price of $212,500 represents a decrease of 5.3 percent compared to the January 2011 median of $224,450, while posting a 5.7-percent increase from December 2011.