New York Home Prices Fall in Jan

By Kyle Chezum Updated on 9/25/2013

The real estate market in New York had an almost identical month in January of 2012 as the one it experienced in January of 2011.  The state went through a relatively soft economic growth and there was very little variation in mortgage loan demand.

New York's median home sale price has remained above $200K since May 2011 and reached its highest monthly level since September for January 2012 according to the New York State Association of Realtors. In January the median price was $212K which is 5.3% below the 2011 median of $224K but 5.7% higher than the $201K price in December.

There were 4,529 single-family homes sold in January.  This number was down 0.8% from 4,564 in the same month in 2011 and almost 30% less than 6,437 sold in the month earlier.

In New York, it is characteristic of the seasonal market that first month's home sales always lag behind December of the previous year. New York saw better numbers in non-residential construction in January 2011 becuase of the better conditions in banking according to the Federal Reserve Beige Book.  Everyone believes that the HARP II Refinance Program will help the state as well for people who are underwater with their mortgages. Mortgage delinquencies in the states remained at the same level.