Sales of existing single-family homes in New York fell by 50 percent in July compared to the record-setting June total, which was bolstered by buyers who closed before the then-June 30 federal homebuyer tax credit deadline, the state Association of Realtors said Tuesday. Preliminary single-family sales data also showed selling price growth as the July statewide median increased nearly 5...
Sales of existing single-family homes in New York fell by 50 percent in July compared to the record-setting June total, which was bolstered by buyers who closed before the then-June 30 federal homebuyer tax credit deadline, the state Association of Realtors said Tuesday.
Preliminary single-family sales data also showed selling price growth as the July statewide median increased nearly 5 percent from June.
“The falloff in sales from the record June totals was expected,” said Duncan MacKenzie, the association’s chief executive officer.
He said the revised total of 11,518 sales in June was driven by buyers who were in the pipeline for June closings before the tax credit deadline was extended to Sept. 30.
“The federal homebuyer tax credit gave the market a much-needed boost in the first half of 2010, but it also appears to have resulted in buyers shifting the timing of their home purchases to take advantage of the opportunity,” MacKenzie said. “As a result, the pool of buyers on the market during the typically busy summer market has been reduced, which in turn contributes to fewer sales.”
New York Realtors sold 5,697 existing single-family homes in July, a 50.5-percent decrease compared to the June sales total. The July sales total was 34.9-percent below the total of 8,755 for the same month last year.
The July median sales price of $227,000 represents an increase of 4.9 percent compared to the June median of $216,437, and an increase of 15.2 percent from the July 2009 median of $197,000.
In Onondaga County, Realtors sold 281 existing homes in July, down from 602 in June and 516 in July 2009. The median home price in the county rose 1.5 percent from $130,000 in July 2009 to $132,000 last month.
In Oswego County, 48 existing homes were sold in July, down from 124 in June and 77 in July 2009. The median price rose 23 percent from $89,000 in July 2009 to $109,500 last month.
In Madison County, 41 existing homes were sold in July, down from 75 in June and 62 in July 2009. The median price fell 12.1 percent from $140,000 in July 2009 to $123,000 last month.
In Cayuga County, 42 existing homes were sold in July, down from 76 in June and 61 in July 2009. The median price rose 2 percent from $92,000 in July 2009 to $93,800 last month.