Real Estate Prices in New York CountiesPOSTED October 2, 2008 ALBANY -- Overall sales of existing single-family homes in New York State fell in August from July despite the fact that more than half of New York's counties reported an increase in sales, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. "It is encouraging that more than half of our counties showed sales increases between July and August despite a tightening in mortgage lending criteria that has left even the most creditworthy struggling to obtain a loan," said Duncan MacKenzie, NYSAR chief executive officer. "Those new homeowners, who have successfully navigated the turbulent waters of the mortgage approval process, have benefited from the great opportunities available in the New York housing market as they achieved the American Dream of homeownership." New York REALTORS sold 8,456 existing single-family homes in New York State in August 2008, a 1.9-percent decrease compared to July. Thirty-two counties posted sales gains from July 2008. The August 2008 sales total fell by 20 percent compared to the August 2007 total of 10,571. The August 2008 median sales price in New York State of $225,000 increased 2.7 percent compared to $219,000 recorded in July 2008. Median sales price increases were posted in 27 counties compared to July 2008. The August statewide median represents a 10-percent decrease from the August 2007 median of $249,900. "While we expect the government takeover of FannieMae
and Freddie Mac, which resulted in lower mortgage rates and higher
loan limits, to help improve mortgage availability for New Yorkers,
consumers' continued concerns about the national economic crisis
may hamper September sales."
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