Tuesday, January 22, 2013

Realtors: NYS housing market stable in 2012

The median sales price for single-family homes, condominiums and co-ops rose from 7 percent in 2012, from 87,549 homes sold in 2011 to 93,582 this past year, according to an announcement from the New York State Association of Realtors.

The median sale price rose from the $212,500 in 2011 to $215,000 -- a 1.2 percent increase -- this past year, with a 5.1 percent increase the fourth quarter as compared top 2011. This was largely due to a 20 percent reduction in available housing throughout the year. The fourth quarter saw a steep drop of 28.5 percent reduction in housing stock.

“Looking at the year-end numbers we can confidently call the housing market in full recovery mode,” said Duncan R. MacKenzie, NYSAR CEO, in a statement. “The 2012 market featured four consecutive quarters of sales growth and inventory moved continually closer to a balanced market.”

“Looking ahead to 2013, the likelihood of sustained low mortgage interest rates and a growing economy provide a foundation for continuing the 2012 gains,” MacKenzie said. “While we expect gains across the state in 2013 we will be closely watching how the markets impacted by Superstorm Sandy rebound.”

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