New York Real Estate Market: When Will My Home Value Return?

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New York Real Estate Market: When Will Home Values Return?

New York real estate has experienced some extreme highs and lows over the past few years. Yet, when compared to other parts of the nation, the numbers don’t appear to be all that extreme.

New York home values are expected to drop 4.58 percent over the next 12 months. Just in case you think that might be temporary, think again: home values in New York are not expected to rebound before 2013, according to a Fiserv Case-Shiller Analysis.

If you’re thinking of purchasing a New York home, now may be your time. If you’re thinking of selling, expect the value of your home to have decreased this year, and expect a longer wait on the market.

Slight Decrease in Home Sales

New York experienced a 9.6 percent drop in home prices from January 2008 to January 2009, according to the Fiserv Case-Shiller Price Analysis. Although this may seem like a steep decline in home prices, it is actually quite small compared to some other states throughout the country.

Across the country, home prices sank nearly 19 percent, according to the Standard & Poor’s/Case-Shiller housing index, which measures home prices across large metropolitan areas across the U.S.

May brought about an increase of nearly five percent for sales of existing single-family homes when compared to April and an increase of nearly 13 percent when compared to May 2009. The active summer season has buoyed sales along, and the federal homebuyer tax credit continues to drive monthly sales.

Strong Summer Sales

Real estate experts expect June sales to be just as strong, as many homebuyers are set to take advantage of the homebuyer tax credit that expires on June 30. Good mortgage rates and a large inventory of homes will spur growth throughout the summer.

May 2010 median sales prices for homes in New York were are $194,900, which is an increase of nearly 8.3 percent when compared to May 2009. These positive sales trends continue to drive the market. Although there certainly have been fluctuations in the market on a month-to-month basis, overall there has been significant growth.

In conclusion, home prices continue to show signs of growth, while home values continue to fall. The likelihood home prices rising once again will depend on how quickly the inventory of homes continues to move. Other factors that will dictate the return of home values include mortgage rates, foreclosure numbers and the homebuyer tax credit.


Largest Cities in the State of New York

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  • Rochester
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