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Report: Superstorm Sandy To Hurt Home Sales In NY

Posted By Joseph Spector On November 19, 2012 @ 11:11 am In Other | Comments Disabled

The state housing market anticipates the fourth quarter to have a decrease in sales, particularly in areas affected by Superstorm Sandy, but the market had an increase in sales during October, Gannett’s Haley Viccaro reports.

Closed sales, pending sales and median sales all increased in October compared to last year. Pending sales were up 18 percent and median sales increased by 2 percent from last October, according to a report from the state Association of Realtors (NYSAR).

“Through October, the New York state housing market made solid progress and our outlook was for increased sales and median sales price growth trends to continue,” said NYSAR CEO Duncan MacKenzie in a statement.

The sales of single-family homes, condos and co-ops also increased by 4.3 percent compared to last October. Year-to-date closed sales reached 77,383 at the end of October, which is an increase of 6.6 percent.

The median sales price statewide reached $209,000 this October, compared to $205,000 the same time last year. The increase in sales price is the fifth month of consecutive gain over the last year. The year-to-date median is $213,000, a decrease from the $215,000 median in 2011.

The increases, though, are expected to fall off because of last month’s storm in the New York City area.

MacKenzie said in a news release today that NYSAR expects the housing market to almost be put on hold for many months in areas affected by Superstorm Sandy.

“Following Superstorm Sandy, the massive housing markets in the federally declared disaster areas were essentially put on hold,” MacKenzie said. “We anticipate that the devastation wrought by the storm will affect the housing market in those areas for many months to come.”

Nysar Mmi 2012-10 Media [1]


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[1] Nysar Mmi 2012-10 Media: http://www.scribd.com/doc/113786195/Nysar-Mmi-2012-10-Media