Prices remain stable, sales decrease in New York State in November

The median selling price of existing single-family home sales in New York State remained stable for the third consecutive month despite a decrease in sales, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.

NYSAR has spent much of 2008 emphasizing to the media that the New York State housing market should not be lumped in with the so-called national housing market, said Duncan R. MacKenzie, NYSAR chief executive officer. There is almost certainly an unfortunate and unnecessary negative effect on consumer confidence resulting from the reporting of national statistics without also reporting state-specific data.

The truth is that the New York housing market in terms of home values is healthier than what is being reported nationally. The New York housing market data for November contain positive news for homeowners and sellers concerned about the value of their homes, said MacKenzie, noting the stabilization of the median selling price for the past three months. Our most recent homeowner study shows that the typical New York state homeowner holds their property for seven years. In November 2001, the statewide median selling price was $164,900 and today it is $210,000. Homeowners still have the benefit of price appreciation. New York REALTORS sold 5,307 existing single-family homes in New York State in November 2008, a 23.5-percent decrease from the November 2007 total of 6,934, and a 26.5-percent decrease compared to the October 2008 total of 7,220. The November 2008 median sales price in New York State of $210,000 was identical to the median posted in November 2007. The November 2008 statewide median increased 1 percent compared to the October 2008 median of $208,000.

REALTORS commend the recent action of the Federal Reserve and Treasury in lowering interest rates to make homeownership more affordable, and encourage additional changes to bring buyers back to the market, said MacKenzie. To jump start the housing market, the federal government must take additional action to make closing on mortgages easier for those with good credit, implement policies to help current homeowners modify loans to avoid foreclosure and make permanent the higher loan limits of Fannie Mae, Freddie Mac and FHA.

Source: The New York Association of REALTORS
Albany December 23, 2008