New York State Existing-Homes Sales See Annual 10 Percent Rise in February

New York State February 2012 home sales increased by 9.6 percent from February 2011, despite falling back slightly from January, according to preliminary single-family sales data accumulated by the New York State Association of Realtors (NYSAR). The statewide median sales price increased by more than six percent from January. “We are pleased to see the upswing in February sales after several years of flat sales numbers in that month,” said Duncan R. MacKenzie, NYSAR chief executive officer. “In addition to strong market fundamentals such historically low mortgage rates and plentiful inventory, the mild winter kept buyers out of hibernation and active on the market.” New York Realtors sold 4,521 existing single-family homes in New York State during February 2012, a 9.6- percent increase compared to the February 2011 sales total of 4,124 and 2.6 percent behind January’s 4,639 total. The February 2012 sales total was also 9.6 percent higher than the February 2010 total of 4,125. “For the third straight month, the statewide median sales price has increased and is at the highest point since September 2011,” said MacKenzie. “Despite some fluctuation, the monthly statewide median has remained above $200,000, providing a positive indicator for the market.” The February 2012 statewide median sales price of $220,000 represents a decrease of 8.3 percent compared to the February 2011 median of $239,900, while posting a 6.3-percent increase from January 2012.