New York State Housing Market Posts Gains for Second Consecutive Month

ALBANY, NY, May 27 (MARKET WIRE) --
The New York State housing market posted sales gains for the second
consecutive month with a nearly 14-percent increase in closed sales of
existing single-family homes in April from March, according to
preliminary single-family sales data accumulated by the New York State
Association of REALTORS(R).

"There has never been a better time for first-time buyers to become
homeowners, and we are seeing this in our market activity," said Duncan R.
MacKenzie, NYSAR chief executive officer. "With the $8,000 federal tax
credit, historically low mortgage rates and available inventory,
REALTORS(R) from across the state are reporting an influx of first-time
buyers into the 2009 market. We expect first-time buyers to continue to
drive the late spring and summer markets."

"First-time buyers need to be aware of two important facts to fully
maximize their advantages today," said MacKenzie. "First and foremost, the
purchase has to be closed by the Dec. 1 deadline, so to be assured of
this, we recommend being under contract by the end of September.
Additionally, as the deadline approaches, we expect a tightening of
inventory in the first-time buyer sector of the market, which may make it
more difficult to find the right home later this year."

New York REALTORS(R) sold 5,026 existing single-family homes in New York
State in April 2009, a 13.7-percent increase compared to April 2009, but a
17-percent decrease compared to April 2008.

The April 2009 median sales price in New York State of $185,000 represents
a decrease of 5.1 percent compared to the $195,000 median recorded in
March 2009 and an increase of 11.9 percent compared to the April 2008
median of $210,000.

Complete data is available at http://www.nysar.com/media.asp

The New York State Association of REALTORS(R) is a not-for-profit trade
organization representing more than 56,000 of New York state's real estate
professionals. The term REALTOR(R) is a registered trademark, which
identifies real estate professionals who subscribe to a strict code of
ethics as members of the National Association of REALTORS(R). These
REALTORS(R) are also members of the New York State Association of
REALTORS(R) as well as their local board or association of REALTORS(R).

For additional information, contact:

Salvatore I. Prividera Jr.
Director of Communications and Marketing
New York State Association of REALTORS, Inc.
518-463-0300 x208 office
Email Contact

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