Sales of existing single-family homes in New York increased 4.6 percent in July from the same month a year ago, according to preliminary single-family sales data accumulated by the New York State Association of Realtors. The preliminary data showed a median selling price increase of more than 24 percent compared to the same period a year earlier.
The July 2004 sales total of 10,153 represents a 4.6 percent increase compared to the July 2003 sales total of 9,702. However, the July 2004 sales total slowed 1.4 percent from the 10,296 sales total posted in June 2004.
The statewide median selling price rose 24.3 percent in July 2004 to $261,000, compared to the $210,000 median recorded in July 2003. The July 2004 median price increased 8.8 percent from the previous month, which recorded a median sales price of $240,000.
Sales gains were reported in 33 counties in July 2004, compared to the same period a year earlier, while 29 counties reported growth from the previous month. Herkimer County led the state in sales growth percentage compared to July 2003, recording an increase of 121.4 percent. Montgomery County recorded a 162.5 percent increase in sales growth percentage from June 2004.
Forty-five counties reported gains in median selling price in July 2004 compared to July 2003, while 36 counties reported gains from June 2004. Essex County led the state in median sales price growth in July 2004, recording a 67.6 percent increase compared to the same period a year earlier. Schuyler County reported the largest median sales price growth from June 2004, recording a 50.7 percent increase.
“For the second consecutive month, existing single-family home sales have exceeded the 10,000-unit mark as New York State continues to enjoy a robust housing market,” said Charles M. Staro, NYSAR chief executive officer. “Favorable mortgage interest rates continue to help drive the market and mitigate the effect of increases in the median selling price on affordability.”
The New York State Association of Realtors is a not-for-profit trade organization representing more than 53,000 of New York State’s real estate professionals.
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