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New York State February 2012 home sales increased by 9.6 percent from February 2011, despite falling back slightly from January, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®.
The statewide median sales price increased by more than six percent from January.
We are pleased to see the upswing in February sales after several years of flat sales numbers in that month. In addition to strong market fundamentals such historically low mortgage rates and plentiful inventory, the mild winter kept buyers out of hibernation and active on the market.
For the third straight month, the statewide median sales price has increased and is at the highest point since September 2011. Despite some fluctuation, the monthly statewide median has remained above $200,000, providing a positive indicator for the market.
Nationally, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 0.9 percent to a seasonally adjusted annual rate of 4.59 million in February from an upwardly revised 4.63 million in January, but are 8.8 percent higher than the 4.22 million-unit level in February 2011.
Lawrence Yun, NAR chief economist, said underlying factors are much better compared to one year ago. “The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market,” he said. “Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy.”
About the Staten Island Board of REALTORS®
The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and visited online at http://siborrealtors.com.
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