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New York Housing Market Slows Down in September
Sales of existing single-family homes in New York state in September dropped to preboom levels for the month, posting a more than 20 percent decrease in sales compared to the same time last year, according to preliminary single-family sales data accumulated by the New York State Association of Realtors. The statewide median sales price dropped 6.9 percent compared to September 2006.
The September 2007 sales total of 7,243 represents a 20.5- percent decrease compared to the September 2006 sales total of 9,107. It is also a 30.5-percent decrease compared to the August 2007 sales total of 10,416.
The September 2007 statewide median sales price of $213,600 represents a 6.9-percent decrease compared to the September 2006 statewide median price of $229,500 and a 14.6-percent decrease compared to the August 2007 median sales price of $250,000.
Sales gains were reported in five counties compared to August 2007, while six reported growth compared to September 2006.
Nineteen counties reported gains in median selling price compared to August 2007, while 33 posted gains compared to September 2006.
"The New York state housing market had been experiencing a soft landing from the boom market, and continues to do so despite this September drop in sales," said Charles M. Staro, NYSAR chief executive officer. "September is typically slower than August as the summer sales season draws to a close, and this year was no exception. While the 20-percent drop compared to September 2006 would seem to be cause for alarm, it is important to note that our preliminary year-to-date reports show that sales are down less than 8 percent though the end of the third quarter when compared to last year's market, which was the third best on record. Certainly, the statewide market is feeling the effects of a tighter credit market that have followed the difficulties experienced by mortgage lenders in recent months."
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