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New York Housing Market Returns to Pre-boom Levels in November
Sales of existing single-family homes in New York State slowed in November, which is typical for the seasonal market, to a level characteristic of the pre-boom market, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®. The statewide median selling price, while holding steady from the previous month, fell compared to the same period in 2006.
The November 2007 sales total of 6,770 represents a 15.6- percent decrease compared to the November 2006 sales total of 8,021. The November 2007 sales total decreased 15.2 percent compared to the October 2007 sales total of 7,980.
The November 2007 statewide median sales price of $215,000 is unchanged from October 2007, and represents an 11.2-percent decrease compared to the November 2006 statewide median sales price of $242,100.
Sales gains were reported in 26 counties compared to October 2007, while 32 reported growth compared to November 2006.
Eleven counties reported gains in median selling price compared to October 2007, while 12 posted gains compared to November 2006.
"While the current month's sales numbers indicate a slowing market compared to sales during the boom, it is important to note that transaction activity levels remain solid given our market's usual seasonal peaks and valleys," said Charles M. Staro, NYSAR chief executiye officer. "We continue to project the 2007 sales total to be near the top five markets since we began tracking sales in the 1980s."
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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