NY housing sales remain strong despite slowdown
Year-to-date data show market is less than 3 percent behind ’05 record

Albany – August 28, 2006 – Sales of existing single-family homes in New York are only slightly behind the record level set in 2005, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS for the period of January 1 through July 31, 2006. The preliminary year-to-date data show a slowing of median sales price growth with 2.4-percent ahead of last year.

Through July 31, 54,932 existing single-family homes were sold, a decrease of 2.8 percent compared to the 2005 record-setting market total of 56,495 for the same period. The statewide median stands at $255,000 for the first seven months of 2006, up from the $249,100 median recorded for the same time period in 2005.

The annual sales total remains at a strong level despite a fall off in sales in July 2006 compared to July 2005. There were 9,392 sales recorded statewide in July, a decrease of 11.3 percent from the 10,681 homes sold in July 2005, according to the preliminary data.

The statewide median selling price rose 3.7 percent in July 2006 to $269,700 compared to the $260,000 median recorded in July 2005. The July 2006 median price also increased by 3.8 percent compared to the previous month, which recorded a median sales price of $259,900.

“There is no ‘housing bubble’ bursting in New York state,” said Charles M. Staro, NYSAR chief executive officer. “The market data clearly indicate that the New York market is healthy, and that New Yorkers are continuing to enjoy the ‘American Dream’ of homeownership. The data through July 31 simply show the expected softening of sales and slowing in median sales price increases after several years of exceptional growth. After years of a hot sellers’ market, we are seeing a return to balance, if not a tipping toward buyers as sales prices level.”