New York Market Check: Sales Flat, Median Prices Up for Existing Homes in May Compared to April

posted on June 25th, 2010 filed under: Real Estate Market Data

The New York Association of Realtors reports that sales were basically flat (282 versus 284) for Westchester County, New York in May compared to April.  But the median price jumped from $590,000 to $610,000.

As with the Miami existing-homes data, the rise in the median price could have resulted from a shift in the mix of homes sold.  Look for confirmation from indices that track same-home sales (FHFA, S&P Case-Shiller) before concluding that home values are appreciating.  As noted previously, the Case-Shiller index has indicated weakness for many months.  The recently released FHFA index shows prices in decline as well (more on that in an upcoming post).

And of course, the New York market remains monstrously overpriced relative to incomes (see posts from February 2010 and March 2009).

Buyer beware.

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posted by // This entry was posted on Friday, June 25th, 2010 at 8:26 am and is filed under Real Estate Market Data. You can follow any responses to this entry through the RSS 2.0 feed.

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