71% Jump in Homes Sales in Second Quarter 2010

Is this declining market finally over? Buyers have a great opportunity to secure a 30 year mortgage at rates below 5%! A buyer’s market with historically low interest rates!!! 24,327 existing single-family homes sold by New York Realtors during the 2010 second quarter, an increase of 71.3 percent from the 2010 first quarter. These second quarter figures represent a 31% increase over second quarter in 2009, with 47% increase in June 2010 over June 2009 figures. The June 2010 median sales price of $220,750 represents an increase of 19.3 percent in comparison to the June 2009 median. In Rockland County alone, single-family home sales rose 95% in June 2010 over June 2009, with a slight decline in the median sale price of 420,000 versus 421,000 in June 2009. In a survey conducted by New York State Association of REALTORS with the Siena Research Institute, results show New York consumers are negative about the current real estate market, but optimistic about the future. They feel that it is a very good time to buy, but a poor time to sell. Latest statistics for June 2010 show a 14% increase of new residential listing over June 2009. It appears that consumers have high expectations for the future New York State real estate market.

Donna Podesta Wright Bros Real Estate Nyack NY www.donna.wrightinnyack.com

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