New York home sales registered a very strong increase in the second quarter of 2009, according to recent data released by the National Association of Realtors.
According to the NAR data, New York state home sales (including both single-family and apartment condos and co-ops) jumped 22.3% in the second quarter of 2009, compared to the first quarter. More specifically, in the second quarter of 2009 the seasonally adjusted annual rate of home sales climbed to 248,000 units, from 202,800 units in the previous quarter. On an annual basis though, New York state home sales were still 5.5% below the annual rate of 262,400 units that was registered in the second quarter of 2008.
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It should be noted that in the first quarter of 2009 and the fourth quarter of 2008, New York state home sales had registered declines of 13.5% and 8.6%, respectively. They had also declined by 2.3% in the third quarter of 2009. In fact New York home sales have been declining at least since 2006, when the annual rate of home sales averaged 303,400 units. In 2007, the average annual rate of home sales dropped to 295,000, representing a drop of 2.5%. In 2008, however, due to the economic crisis, the average annual rate of home sales dropped 13.7% to 255,400 units.
The news of the very strong increase in home sales in the state of New York represents certainly good news. However, it is also highly questionable whether such a very high growth rate is sustainable in the months ahead.
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