New York State Association of REALTORS, Inc. – New York housing market aided by tax credit, low mortgage rates in 2010 | Armonk NY Homes

via nysar.com

The federal homebuyer tax credit and low mortgage rates helped bring consumers to the housing market, particularly in the first half of 2010, despite overarching concerns about the economy. As a result, 74,718 existing single-family homes were sold in New York State in 2010, a decrease of 4.6 percent from 2009, according to preliminary existing single-family sales data accumulated by the New York State Association of REALTORS. Home values remained solid as the $215,000 annual statewide median sales price finished above both 2009 and 2008.
“Without the federal homebuyer tax credit, we would undoubtedly be telling a much different story about the Empire State’s 2010 housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The tax credit, low mortgage rates and large inventory combined to help New York State homebuyers overcome larger concerns about the economy.”
With little chance of another significant federal home buying incentive, the future of housing in our state may well be dictated by how state lawmakers address the enormous state budget deficit…