The median selling price of a single-family home in New York rose more than 32 percent in May compared to the same month a year ago, while single-family home sales increased 4.9 percent from a year ago, according to preliminary single-family sales data accumulated by the New York State Association of Realtors.
The statewide median selling price rose 32.5 percent in May 2004 to $229,900, compared to the $173,450 median recorded in May 2003. The May 2004 median price increased 7.4 percent from the previous month, which recorded a median sales price of $214,000.
Forty-two counties reported gains in median selling price in May 2004 compared to May 2003, while 36 counties reported gains from April 2004. Lewis County led the state in median sales price growth in May 2004, recording a 69.3-percent increase compared to the same period a year earlier. Steuben County recorded the largest median sales price growth from April 2004, recording an 84.8 percent increase.
The May 2004 sales total of 7,449 represents a 4.9 percent increase compared to the May 2003 sales total of 7,104. The May 2004 sales total rose 2.1 percent from the 7,296 sales total posted in April 2004.
Sales gains were reported in 35 counties in May 2004 compared to the same period a year earlier and from the previous month. Herkimer County led the state in sales growth percentage compared to May 2003, recording an increase of 155.6 percent. Allegany County recorded a 384.6 percent increase in sales growth percentage from April 2004.
“The New York state housing market is continuing to build momentum as we close in on the typically strong summer sales season as evidenced by the sales growth experienced in May,” said Charles M. Staro, NYSAR chief executive officer. “While the upward trend in mortgage rates may continue, it does not yet represent a significant roadblock to home ownership and demand for housing remains strong.”
The New York State Association of Realtors is a not-for-profit trade organization representing more than 49,000 real estate professionals.
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