The New York real estate market managed to post a strong month of October, according to the New York State Association of Realtors. However, the aftereffects of Hurricane Sandy could lead to a fourth quarter slowdown in the Empire State.
NYSAR found that sales of existing, single-family homes, condo and co-ops jumped 4.3 percent on a year-over-year basis in October. Pending sales were up 18 percent in the same period. Additionally, the median sales price jumped 2 percent to $209,000.
"Through October, the New York State housing market made solid progress and our outlook was for increased sales and median sales price growth trends to continue," said Duncan MacKenzie, NYSAR CEO. "However, following Superstorm Sandy, the massive housing markets in the federally declared disaster areas were essentially put on hold."
Superstorm Sandy will also have a negative impact on the foreclosure situation in New York. According to RealtyTrac, foreclosure activity was up 123 percent in the Empire State in October. This could potentially put downward pressure on home prices in the state.