Categorized | Residential

New York State Housing Market Shows Strong Signs of Growth

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The residential real estate market in New York State finally appears to be turning a corner. The market posted its strongest results in nearly five years during the first quarter. Although the median sales price declined when compared to last year’s figure, it increased from the previous quarter.

 

The growth was seen in the total number of sales. Many buyers opted to take advantage of the low rates and overall affordability of the New York State residential real estate market. The unusual warm weather also played a role in first quarter growth.

 

Buying activity typically picks up during the second quarter, as the weather is more favorable for home shopping. However, the mild winter worked in favor of the single-family home market, as the numbers jumped significantly.

 

More than fourteen thousand existing single-family homes were sold during the first quarter of 2012. That number is almost four percent higher than the number of homes sold in the first quarter of 2011. Additionally, it is the highest number since 2008, when roughly fifteen thousand homes were sold during the first quarter.

 

Prices dropped just shy of six percent during the first quarter of 2012. The average sales price of just over two hundred thousand dollars, however, was an increase of five percent over the figures seen in the fourth quarter of 2011.

 

The sales data regarding the housing growth in New York State is certainly positive. Many realtors and economists are hopeful that the growth will continue into the second quarter.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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