New York State home sales fall in third quarter while median price gains indicate broad-spectrum activity
10/26/2010
The New York state housing market fell by more than 27 percent in the 2010 third quarter from the second quarter as sales slowed following the expiration of the federal homebuyer tax credit, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The 2010 third quarter statewide median sales price grew by 15 percent compared to both the 2010 second quarter and the third quarter of 2009.
“Third quarter sales were expected to underperform after the expiration of the federal homebuyer tax credit,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The opportunity to benefit from a tax credit of up to $8,000 moved buyers from the typically active third quarter into second quarter as indicated by the strong second quarter sales totals and the June sales record.”
“There were positive market indicators during the third quarter,” said MacKenzie. “The continued gains in statewide median sales price show activity is taking place across a broader spectrum of home prices,” said MacKenzie, adding that buyers are returning to the higher price ranges in local markets in many areas of the state.
To read the entire NYSAR press release, click here.
“Third quarter sales were expected to underperform after the expiration of the federal homebuyer tax credit,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The opportunity to benefit from a tax credit of up to $8,000 moved buyers from the typically active third quarter into second quarter as indicated by the strong second quarter sales totals and the June sales record.”
“There were positive market indicators during the third quarter,” said MacKenzie. “The continued gains in statewide median sales price show activity is taking place across a broader spectrum of home prices,” said MacKenzie, adding that buyers are returning to the higher price ranges in local markets in many areas of the state.
To read the entire NYSAR press release, click here.
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