Buyer’s Market Gains Momentum in New York

As recently reported, the upstate New York housing market mirrors that of the Big Apple. Both sectors are showing upticks on inventory and decreased sales.

This appears to be the case across The Empire State: Sales and prices of existing single-family homes dropped for the second straight month in October, according to preliminary single-family sales data accumulated by the New York State Association of Realtors.

Realtors recorded 8,721 home sales in October, down 3.1 percent from the previous month’s 9,001 sales, and down 7.3 percent from the October 2005 sales total of 9,403. The more these figures plummet, the more the market tilts in favor of New York mortgage applicants that can bargain down desperate sellers.

The statewide median sales price fell 6 percent in October to $235,000, compared with a year-earlier median of $250,000, although the October median did increase slightly from September’s $232,500.

NYSAR attributes the decline in sales activity largely to a steady increase in for-sale listings, which is fueling the state’s shift to a buyer’s market, said Charles M. Staro, NYSAR chief executive officer.

Combined with reduced mortgage interest rates, this is an ideal time to purchase in the state.