New York State housing market slows after June tax credit sales rush

Statewide sales of existing single-family homes in New York State fell by 50 percent in July compared to the record-setting June total, which was bolstered by buyers who closed before the then-June 30 federal homebuyer tax credit deadline. The preliminary single-family sales data accumulated by the New York State Association of REALTORS also showed selling price growth as the July statewide median increased nearly 5 percent from June.

New York REALTORS sold 5,697 existing single-family homes in New York State during July 2010, a 50.5-percent decrease compared to the June 2010 sales total of 11,518. The July 2010 sales total was 34.9-percent below the July 2009 total of 8,755.

The July 2010 median sales price in New York State of $227,000 represents an increase of 4.9 percent compared to the June 2010 median of $216,437, and an increase of 15.2 percent from the July 2009 median of $197,000.

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