Strongest NY Housing Market Seen in Five Years

April 24, 2012 / Russell Legato, Residential Property Analyst

The New York State housing market had the best start it has seen since 2008. The highest first quarter sales occurred this year. A prominent realtors association gathered data on single-family home sales. The preliminary findings included discovering that the statewide median sales price was lower than it was in the same time period in 2011.

Strongest NY Housing Market Seen in Five Years

Other influential factors that figured in were improved confidence among the potential buyers, mild weather conditions over the winter and the lower listing prices that made homes more affordable. Confidence was at its highest in two years in the first quarter. Finally, the low interest rates, which remain low to date, are an advantage for those who can have an application approved. The banks are approving only those with excellent credit at this time. Also, there is usually a 20 percent down payment required.

The New York statewide 2012 median listing price was $212,000, an amount that displays a decrease compared to the first three months of 2011, of 5.7 percent. It was an increase of 5 percent as compared to the fourth quarter of 2011, and a 2.9 percent increase when compared to March of 2011. That same first quarter median price was the same as in the month of February 2012.

These figures are reported by the New York State Association of REALTORS(R). This association consists of 48,000 real estate professionals. They have a stringent ethics code. They may belong to local as well as state-wide associations for real estate professionals. They will, hopefully, be reporting improved sales on a local and statewide level.

The two things that have to occur are for the banks to loosen their standards somewhat and allow more loans to be given the stamp of approval. It seems that they are overcompensating for the lax loan standards that were in effect prior to the recession. Those standards are blamed by some experts for the distressed housing market of the past five years.

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