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New York Housing Market Rebounds in October
Sales of existing single-family homes in New York state in October rebounded from the sluggish numbers posted in September, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS ®. While the market posted positive numbers in the month-to-month comparison, it did experience a drop in both sales and median selling price compared to the same period a year ago.
The October 2007 sales total of 7,864 represents a 6.5- percent increase compared to the September 2007 sales total of 7,3 84. The October 2007 sales total decreased 11.4 percent compared to the October 2006 sales total of 8,874.
The October 2007 statewide median sales price of $219,250 represents a 4.4-percent increase compared to the September 2007 statewide median price of $210,000 and a 4.7-percent decrease compared to the October 2006 median sales price of $230,000.
Sales gains were reported in 36 counties compared to September 2007, while 18 reported growth compared to October 2006.
Twenty-six counties reported gains in median selling price compared to September 2007, while 34 posted gains compared to October 2006.
"The New York state housing market has begun the fourth quarter on a more positive note with a rebound in sales and median selling price compared to September 2007," said Charles M. Staro, NYSAR chief executive officer. "We continue to project a similar market through the end of the 2007 with expectations of a rebounding market as we move through 2008."
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 66,000 of New York state's real estate professionals.
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