Existing home sales down in NYC metro area

September 23, 2010 11:30AM

After a dramatic 27.2 percent tumble in July, existing U.S. home sales posted a modest recovery in August, rising 7.6 percent to a seasonally adjusted annual rate of 4.13 million units, according to a report from the National Association of Realtors, released today (see the data below). That’s down 19 percent since August 2009, when home sales — including single-family houses, townhouses, condominiums and co-ops — were at an annual rate of 5.1 million units.

In the New York City metropolitan area, existing home sales dropped 16 percent year-over-year, to an annual rate of 420,300 homes. Prices in the area, meanwhile, were up 3.3 percent since August of last year, recovering slightly more value than prices nationwide, which were up 2.8 year-over-year.

But some analysts remain skeptical that last month’s numbers signal any long-term improvement. “The report shows some stabilization in the housing sector, however, we are still bouncing along the bottom,” said Mitchell Hochberg, principal of New York-based Madden Real Estate Ventures. “Shadow inventory and months of supply will keep downward pressure on prices for the foreseeable future.” TRD