State Home Sales Slowing Down

Sales of existing single-family homes in New York decreased in November compared to October 2003 and Novem-ber 2002, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS(r). The preliminary data showed a median selling price increase of more than 27 percent compared to the same period a year earlier.

The November 2003 sales total of 7,450 represents a 1.3-percent decrease compared to the November 2002 sales total of 7,551. The November 2003 sales total fell 23.1 percent from the October 2003 sales total of 9,687.

The statewide median selling price rose 27.3 percent to $210,000 in Nov-ember 2003 compared to the $165,000 median price in November 2002. The November 2003 median price increased 2.4 percent from the October 2003 median of $205,000.

Sales gains were reported in 29 counties in November 2003 compared to the same period a year earlier, while only 5 counties recorded increases from October 2003. Herkimer County led the state in sales growth percentage compared to November 2002, recording a 100-percent increase. Montgomery County recorded the largest increase in sales growth percentage from Octo-ber 2003, posting a 160-percent in-crease.

Forty counties reported gains in median selling price in November 2003 compared to November 2002, while 25 counties reported gains from Oct-ober 2003. Lewis County led the state in median sales price growth in Nov-ember 2003, recording a 36.6-per-cent increase compared to the same period a year earlier.

Although home sales dropped off in November compared to October’s exceptional total, the statewide total remains at a strong level as the market begins a later-than-usual fall slowdown," said Charles M. Staro, NYSAR chief executive officer. "We continue to project the 2003 market to finish among the top 5 since we began tracking home sales 20 years ago.