Buyer's market emerges in New York

Sales of existing single-family homes in New York fell by double digits between July 2005 and July 2006, while home-price growth slowed to a more normal pace, according to preliminary single-family sales data accumulated by the New York State Association of Realtors.

There were 9,392 sales recorded statewide in July, a decrease of 11.3 percent from the 10,681 homes sold in July 2005, according to the preliminary data. Last month's sales total was down 7.6 percent from June's level of 10,166 sales.

Year to date, 54,932 existing single-family homes have sold, down 2.8 percent compared to the 2005 record-setting market total of 56,495 for the same period.

The statewide median selling price rose 3.7 percent in July to $269,700, compared with the $260,000 median recorded in July 2005. The July 2006 median price, however, was down by 3.3 percent compared to the previous month, which recorded a median sales price of $279,000.

"There is no 'housing bubble' bursting in New York state," said Charles M. Staro, NYSAR chief executive officer. "The market data clearly indicate that the New York market is healthy, and that New Yorkers are continuing to enjoy the 'American Dream' of home ownership. The data through July 31 simply show the expected softening of sales and slowing in median sales price increases after several years of exceptional growth. After years of a hot sellers' market, we are seeing a return to balance, if not a tipping toward buyers as sales prices level."

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