New York housing sales remain strong despite slowdown; Year-to-date data show market is less than 3 percent behind ’05 record

Sales of existing single-family homes in New York are only slightly behind the record level set in 2005, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS for the period of January 1 through July 31, 2006. The preliminary year-to-date data show a slowing of median sales price growth with 2.4-percent ahead of last year.
Through July 31, 54,932 existing single-family homes were sold, a decrease of 2.8 percent compared to the 2005 record-setting market total of 56,495 for the same period. The statewide median stands at $255,000 for the first seven months of 2006, up from the $249,100 median recorded for the same time period in 2005.
The annual sales total remains at a strong level despite a fall off in sales in July 2006 compared to July 2005. There were 9,392 sales recorded statewide in July, a decrease of 11.3 percent from the 10,681 homes sold in July 2005, according to the preliminary data.
The statewide median selling price rose 3.7 percent in July 2006 to $269,700 compared to the $260,000 median recorded in July 2005. The July 2006 median price also increased by 3.8 percent compared to the previous month, which recorded a median sales price of $259,900.
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