NYSAR has provided the latest housing market data on 8/29/08 to show the housing market activity for July 2008. Here are their findings:

July sales gains compared to June were reported in 35 of 57 counties for which NYSAR collects existing single-family home sales data.

·Thirty-six counties reported gains in median selling price in July 2008 compared to June 2008.

·According to the RealtyTrac July foreclosure activity report, New York ranked 30th in the nation for number of foreclosures.

·A NYSAR-commissioned study of homeowners found the typical homeowner has been in their house for 7 years. The July 2001 statewide median sales price was $127,000, today it’s $229,000. While today’s sellers will not have the benefit of the high-demand, low inventory markets of 2004 to 2006, which inflated selling prices, they will still enjoy the benefits of increased equity and price appreciation when they sell.

·New York home buyers are recognizing the tremendous opportunities available to them in local markets throughout our state as evidenced by the increase in sales between June and July. Right now in communities across New York State, smart buyers are taking advantage of the choices available in every price range, and still low mortgage rates. They know that owning a home has a multitude of benefits including helping them build their personal wealth over the long term.

·The housing stimulus bill passed by President Bush will go a long way to help stabilize the housing market and make the dream of homeownership more attainable for many Americans. In addition, more families will be able to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure.

Here's Why Now Is A Good Time To Buy A Home

· Conditions are ideal for buyers. Prices have moderated, interest rates are hovering near 40-year lows and the number of homes for sale is greater than it has been in 15 years.

· Current market conditions won’t last long. NAR research shows that prices are beginning to stabilize and interest rates are creeping up. A modest increase in property values is expected in 2009. Please note that NYSAR data also indicate this.

· The new first-time homebuyer tax credit, and the availability of a number of attractive and safe mortgage products provide additional reasons for buyers to get off the fence and into the market.

· Every market is different. There is no national housing forecast anymore than there is a national weather forecast. It's important to consult with a REALTOR® to obtain accurate local market information.