Industry News

New York home sales, prices fall by double digits

Realtor group says it's not a 'bursting bubble'
Published on Feb 1, 2007

Although the decline in existing-home sales and prices across New York state deepened in December, sales for the year posted their third-highest level on record, according to preliminary data accumulated by the New York State Association of Realtors. There were 7,462 existing single-family home sales recorded in December, down 19.2 percent from the 9,238 sales in December 2005. The statewide median home price lost 14.2 percent during that period, falling from $265,000 to $227,500. The steepest declines in sales for December occurred in Long Island where Nassau County's 559 sales represented a 38.6 percent decrease from 910 sales a year earlier and Suffolk County's sales tumbled 41 percent to 674. For the year, a total of 101,131 existing single-family sales changed hands, down 6.3 percent from 2005's record-setting total of 107,909. Last year was the third consecutive year of 100,000-unit-plus sales activity, according to NYSAR. The 2006 statewide annual median selling price of $...

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