Housing Report for April & Commentary You Need to Know!

Sales of existing single-family homes in New York State in April increased 14.4% (5,838 sales) compared to sales in March (5,035 sales). Compared to April 2007 (6,845), sales were down 14.7%.

The median sales price for April 2008 is $215,000 which is up by 2.5% from the March median price of $209,800. April’s median sales price compared to April 2007 ($245,000) is down 12.2%.
Sales gains for April were reported in 43 counties. Compared to sales gain in April 2007, 10 counties experienced growth. 29 counties gains in the median sales price compared to March 2008. Compared to April 2007, 30 counties posted gains.

“It is important to remember that all real estate markets are local, and it’s no different here in New York State,” said Duncan R. MacKenzie, NYSAR chief executive officer. “While reports of the so-called ‘national’ housing market’s demise abound, overall New York’s housing market is performing well with sales gains being reported in more than two-thirds of our counties. This month-to-month growth in sales bodes well for the future as we enter the traditionally active late spring and summer months.”

New York’s housing market continues to outperform the overall national market concerning sales of existing homes. While NY is up 14.4% for April, NAR reported a 0.5% decrease in single-family home sales for the same month. Also, while sales are down by 14.7% when compared to April 2007, this is still better than the national average of a 16.1% decrease.

Single family home owners have done very well over the last 7 years (the average length of time that homeowners have owned their homes according to a NYSAR commissioned study), in terms of their equity and price appreciation. In April 2001, the median price for a single family home in NY was $109,995. In April of 2008 it is $215,000. This represents a total increase of 95% during this period of time! It also represents an average annual increase of 13.57%. Compared to the S&P 500, during the same period of time, it’s average annual growth rate has been a meager 2.66%.

-The information herein is based upon the NYSAR New York State Housing Market Report dated 5/23/08 with additional information by Ross Gill.