Sales of existing single-family homes in New York surpassed
103,000 to set a new annual record in 2004, according to preliminary
single-family sales data accumulated by the New York State Association of
Realtors. The preliminary data showed a median selling price increase of
nearly 17 percent in 2004 compared to the previous year.
The 2004 statewide annual sales total of 103,526 represents
an 8.4 percent increase from the 2003 market total of 95,534 and marks the
first time the sales total has surpassed the 100,000-mark since NYSAR began
tracking data in the 1980s. The previous record was set in 2002, when 97,522
existing single-family homes were sold.
The 2004 statewide median selling price of $232,000
represents a 16.9 percent increase from the 2003 statewide median of $198,500.
The 2004 statewide median also represents the first time the annual median has
surpassed the $200,000-mark since NYSAR began tracking data.
Sales gains were reported in 40 counties in 2004 compared to
2003 with the greatest increases being report in Montgomery (72.4 percent) and
Lewis (56.1 percent) counties. Thirty-six counties reported sales gains
compared to 2002. Forty-eight counties reported gains in median selling price
in 2004 compared to 2003, with the greatest percentage increases being post in
Lewis (32.8 percent) and Columbia (30.3 percent) counties.
The market finished strong in December 2004 with the monthly
sales total reaching 8,820, a 1.9 percent increase compared with the December
2003 sales total of 8,652. The statewide median selling price rose 29.4 percent
in December 2004 to $278,000 compared with the $214,900 median recorded in
December 2003.
“Once again the New York housing market is a shining beacon
in the state’s economic picture as evidenced by the record-setting market in 2004,”
said Charles M. Staro, NYSAR chief executive officer. “The continuance of
favorable mortgage rates helped to mitigate the increases in sales prices, keeping
many buyers in the market.
"However, as we look forward to 2005, government and
the private sector must work together to ensure that the ‘American Dream’ of
home ownership remains within the grasp of all New Yorkers," he added.
"Ensuring that there is affordable housing in our state and that
ever-rising property taxes do not turn the dream into a nightmare for our
state’s homeowners must be a priority.”
The New York State Association of Realtors has about 55,000
members.
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