New York State housing market aided by tax credit, low mortgage rates in 2010

The federal homebuyer tax credit and low mortgage rates helped bring consumers to the housing market, particularly in the first half of 2010, despite overarching concerns about the economy. As a result, 74,718 existing single-family homes were sold in New York State in 2010, a decrease of 4.6 percent from 2009, according to preliminary existing single-family sales data accumulated by the New York State Association of REALTORS. Home values remained solid as the $215,000 annual statewide median sales price finished above both 2009 and 2008.

New York REALTORS sold 74,718 existing single-family homes in New York State in 2010, a 4.6-percent decrease from the 2009 total of 78,327. The fourth quarter 2010 sales total of 17,409 represents a 21.3-percent decrease from the 2009 fourth quarter total of 23,057. December 2010 sales fell by 16.2 percent compared to December 2009 to finish at 6,110.

The 2010 annual statewide median sales price was $215,000, up 10.3 percent from 2009. The fourth quarter 2010 median sales price of $219,900 was up 7.3 percent from the 2009 fourth quarter. The December 2010 median sales price of $225,000 represented growth from both November 2010 and December 2009.

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