FOR IMMEDIATE RELEASE

SINGLE-FAMILY HOME SALES SLOW IN NEW YORK

March, 2003 - Albany - Sales of existing single-family homes in New York took a significant dip in February compared to both last February and January 2003, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS®. The preliminary data showed a median selling price increase of 12.2 percent compared to the same period a year ago.

The February 2003 sales total of 4,805 represents a 13.2-percent decrease from February 2002 sales total of 5,535. The February sales total fell 21.1 percent from the January 2003 total of 6,088.

The statewide median selling price rose by 12.2 percent to $202,000 from the $180,000 median in February 2002. The February 2003 median was down 1.5 percent compared to the January 2003 median of $205,000.

Sales gains from February 2002 to February 2003 were reported in 21 counties, while 11 showed increases from January 2003. Cortland and Delaware counties led the state in sales growth percentage compared to February 2002 with increases of 850 percent and 400 percent, respectively. Cortland and Clinton counties posted the greatest sales increases compared to January with increase of 533.3 percent and 200 percent, respectively.

Thirty-six counties showed gains in median selling price compared to February 2002, while 26 reported gains compared to January 2003. Herkimer County led the state in median sales price growth compared to a year go with an increase of 147.2 percent. Yates County led the state in median sales price growth compared to January, posting a 76.8-percent increase.

“A slowdown in the New York housing market was not unexpected, especially with the harsh winter weather experienced throughout our state during February hampering activity,” said Charles M. Staro, NYSAR chief executive officer. “With favorable mortgage rates continuing to attract buyers to the market and housing’s continued viability as a stable investment, we are maintaining a positive outlook for the 2003 market.”

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 42,000 of New York state’s real estate professionals. The association provides a variety of benefits including legislative and legal representation, educational programs, publications such as the New York Report, and a code of professional standards. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.