Existing home sales down in NYC metro area

New York /
Sep.September 23, 2010 11:30 AM

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

REL1008EHS

 

Related Articles

arrow_forward_ios
Gary Beasley, chief executive officer and co-founder, Roofstock (Roofstock, iStock)
Roofstock ramps up iBuying, even with tenants in place
Roofstock ramps up iBuying, even with tenants in place
(iStock/Illustration by Kevin Rebong for The Real Deal)
Existing home sales hit 15-year high in 2021
Existing home sales hit 15-year high in 2021
Milo Founder and CEO Josip Rupena (iStock, Milo Credit)
Crypto-rich but can’t buy a home? Now you can
Crypto-rich but can’t buy a home? Now you can
(iStock/Illustration by Steven Dilakian for The Real Deal)
Brooklyn and Queens closed out 2021 with all-time sale price records
Brooklyn and Queens closed out 2021 with all-time sale price records
From left: RE/MAX CEO Adam Contos, KW CEO Carl Liebert, Home Services of America CEO Gina Blefari, Realogy Holdings' Ryan M. Schneider (Photos via Facebook, KW, Home Services)
Judge denies motion to dismiss broker commissions lawsuit
Judge denies motion to dismiss broker commissions lawsuit
November US home contract signings drop. Yes, drop.
November US home contract signings drop. Yes, drop.
November US home contract signings drop. Yes, drop.
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
100 Trewlaney Road in Bridgehampton (Zillow)
Bridgehampton home flipped for $1M profit in 4 weeks
Bridgehampton home flipped for $1M profit in 4 weeks
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...