The 5,565 units sold last month represents a decline of 18.2 percent from 6,800 in May 2010. But because last year's spring home sales were boosted by a temporary homebuyer tax credit, the decrease in New York sales follows a nationwide trend. More encouragingly, last month's New York sales were up 12 percent from April.
Median sales price also broke the $200,000 mark, rising from $199,000 in April to $211,900 in May. This new median price is 13.6 percent greater than the $186,500 median price in May 2010.
Rising prices should hearten homeowners who are upside-down on their mortgage. New Yorkers with underwater mortgages are in the hole an average of $129,000, the highest amount in the country, CoreLogic reported earlier this month.
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