It’s Official: New York is a Buyer’s Market

As official as figures from the New York State Association of Realtors can make it, at least.

Sales of existing single-family homes in the New York housing market continued their downtrend in September, as rising inventory finally cut into prices.

Realtors recorded 8,876 home sales in September, down 15.7 percent from the record 10,533 sales in September 2005. Until prices really come down, it’s safe to assume home loan applicants will remain on the sidelines in the Empire State.

The preliminary data showed a median selling price of $238,000 statewide in September, down 10.1 percent from $264,750 in August - and down 8.1 percent from the year-ago median of $259,000.

Despite the statewide slide, however, 19 counties reported gains in median September selling prices compared to August, while 31 counties reported gains compared to September 2005, NYSAR said.

“The statewide housing market continues to return to typical sales levels as it cools as expected from the record-setting levels of 2005,” said Charles M. Staro, NYSAR chief executive officer. “The reduction in the median sales price can be attributed to an increase in available inventory as the shift to a buyer’s market continues.”

What does this mean for sellers? They’ll have to come down on asking prices. For potential owners, however, they can confidently apply for home mortgage loans, safe in the knowledge that they possess more leverage than ever.