Industry News

Existing-home sales lose ground in New York

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The buyer's market in New York state continued in November as sales and prices of existing single-family homes fell for the third straight month, according to preliminary data accumulated by the New York State Association of Realtors. There were 7,802 existing homes sold in November, down 13.8 percent from the November 2005 sales total of 9,053. November's activity fell 11.1 percent from October's sales total of 8,775. The November statewide median sales price of $250,000 represents a 5.7 percent decline from the November 2005 median of $265,000, although it did increase by 6.8 percent compared to the October 2006 median of $234,000. "The New York housing market continued to slow down in November, but it is important to note that it did post sales activity comparable to the early stages of the boom market," said Charles M. Staro, NYSAR chief executive officer, in a statement. "The 2006 statewide housing market still remains healthy as we head into the typically slow winter months....