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New York Housing Market Returns to Early-Boom Levels in November
Sales of existing single-family homes in New York state in November dropped nearly 14 percent compared to November 2005, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS ®. The preliminary data showed a median sales price decrease of 5.7 percent compared to November 2005.
The November 2006 sales total of 7,802 represents a 13.8 percent decrease from the November 2005 sales total of 9,053. The November 2006 total fell 11.1 percent compared to the October 2006 sales total of 8,775.
The November 2006 statewide median sales price of $250,000 represents a 5.7 percent decline from the November 2005 median of $265,000. The November 2006 median did increase by 6.8 percent compared to the October 2006 median of $234,000.
Sales gains were reported in 14 of the 58 reporting counties compared to October 2006, while 15 reported growth compared to November 2005. Twenty-four counties reported gains in median selling price in November 2006 compared to October 2006, while 34 reported gains compared to November 2005.
"The New York housing market continued to slow down in November, but it is important to note that it did post sales activity comparable to the early stages of the boom market," said Charles M. Staro, NYSAR chief executive officer. "The 2006 statewide housing market still remains healthy as we head into the typically slow winter months." The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 65,000 of New York state's real estate professionals.
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