Categorized | Residential

Home Sales in New York See Strong Increase in Third Quarter

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The residential real estate market in New York performed very strongly during the third quarter, increasing more than fifteen percent when compared to the second quarter. However, the residential property market is still down when compared to the numbers from 2010.

The significant increase in property sales definitely helped the New York market make up ground when compared to the previous year, though it wasn’t nearly enough to even up the overall pace. Residential home prices were also down from the previous year.

Despite the strong quarterly increase, real estate analysts are growing increasingly worried that the New York market will continue to fall behind the pace of the previous year. They believe that the negative outlook on the economy, and the high unemployment figures in the state are taking a significant toll on the residential real estate market. Even with rates at historic lows, the overall outlook on New York’s property market as a whole is rather dim.

While international investors are driving New York City’s market, the rest of the state has been garnered nearly as much interest. The total number of sales statewide is down by more than four thousand homes from one year earlier. Furthermore, the average sales price has by more than seven thousand dollars.

While New York City’s big business opportunities have made it a prime market for investors, the rest of the state does not carry the same attraction. The more rural areas of New York have faced the sharpest declines in sales and prices, and that trend will likely continue into the next year.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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