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New York State Third Quarter Home Sales up From Year Ago; 2011 Market Still Lags Behind 2010


October 27, 2011 - Albany, NY

New York State home sales were up more than 17 percent in the 2011 third quarter, compared to the 2010 third quarter, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®. The statewide median sales price decreased slightly in both the third quarter and September compared to the same periods last year.

"While the solid third quarter and September home sales totals are encouraging, the overall 2011 housing market continues to experience an uneven recovery," said Duncan R. MacKenzie, NYSAR chief executive officer. "Even with the double-digit sales increase in the third quarter, the 2011 housing market remains 7.3-percent behind the federal tax-credit-driven 2010 market through September 30."

"We are concerned that this trend will continue since overall consumer confidence remains low, and the housing sector is not immune as evidenced by the recent NYSAR/Siena Research Institute Consumer Real Estate Sentiment Survey," said MacKenzie. "Consumer housing confidence is heavily influenced by their negative outlook on the economy and continued high unemployment. These factors have slowed sales across all sectors of the economy including housing despite historically low interest rates."

New York REALTORS® sold 53,145 existing single-family homes between January 1 and September 30, a decrease of 7.3 percent from the 57,630 sales during the same period in 2010. Third quarter 2011 sales were up by 17.4 percent (21,372) compared to 2010 third quarter (18,203). The 6,602 sales in September 2011 represent an increase of 7.2 percent compared to the 6,158 sales in September 2010.

The year-to-date (January 1 through September 30) statewide median sales price was $217,500, an increase of 2.6 percent compared the $212,000 median for the same period in 2010. The third quarter 2011 median was $220,000, a decrease of 3.3 percent from the third quarter 2010 median of $227,500. The September 2011 median sales price was $217,600, a decrease of 3.3 percent from the September 2010 median of $225,000.

Additional data is available at http://www.nysar.com/content/Press.htm.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 51,000 of New York state's real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

Salvatore I. Prividera Jr.
Director of Communications
New York State Association of REALTORS®, Inc.
130 Washington Avenue
Albany, NY 12210
518-463-0300x208 office
sprividera@nysar.com

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