New York Housing Market Levels Off, Remains Healthy

August 1, 2002

Albany - Sales of existing single-family homes in New York leveled off in June, but still remained at a very healthy level, according to single-family sales data accumulated by the New York State Association of REALTORS®. The data showed a median selling price increase of 19 percent compared to the same period a year ago.

Although the June 2002 sales total of 7,623 represents a 14.5-percent decrease from the exceptionally strong June 2001 sales total of 8,913, sales were solid in June and continued to show growth (3.1 percent) compared to the May 2002 total of 7,392.

The statewide median selling price rose by 19 percent to $170,000 from the $142,900 median in June 2002. The June 2002 median was up 9.0 percent compared to the May 2002 median of $156,000.

Sales gains from June 2001 to June 2002 were reported in 17 counties, while 29 showed increases from May 2002. Schoharie and Lewis counties led the state in sales growth compared to June 2001 with increases of 140-percent and 100-percent, respectively. Delaware County posted the greatest sales increase compared to May, posting a 180-percent gain.

Forty counties showed gains in median selling price compared to June 2001, while 35 reported gains compared to May 2002. Essex County led the state in median sales price growth compared to a year go with an increase of 90.7 percent. Montgomery County led the state in median sales price growth compared to May, posting a 117.3-percent increase.

"A leveling off of sales was expected, especially in light of the exceptionally strong sales pace experienced throughout the past several months," said Charles M. Staro, NYSAR chief executive officer. "We expect the New York housing market to remain strong through the balance of the traditionally strong summer selling season."

Source: The New York State Association of REALTORS

Contact ALTA at 202-296-3671 or [email protected].