Buyer's market strengthens in New York

Sales and prices of existing single-family homes in New York state dropped for the second straight month in October, according to preliminary single-family sales data accumulated by the New York State Association of Realtors.

Realtors recorded 8,721 home sales in October, down 3.1 percent from the previous month's 9,001 sales, and down 7.3 percent from the October 2005 sales total of 9,403.

The statewide median sales price fell 6 percent in October to $235,000, compared with a year-earlier median of $250,000, although the October median did increase slightly from September's $232,500.

Year-over-year sales gains were reported in less than one-third of the state's 58 reporting counties, NYSAR reported.

NYSAR attributes the decline in sales activity largely to a steady increase in for-sale listings, which is fueling the state's shift to a buyer's market, said Charles M. Staro, NYSAR chief executive officer, in a statement.

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