Sales of single family homes in New York State fell by 16.2 percent as the housing market continued to feel the affects of a shrinking economy. The statewide median sales price also fell by 8.5 percent last year. Since 2006 median home prices in the state have dropped by more than thirty thousand dollars from $245,201 to $215,000.

Despite the downturn local realtors say they're still seeing a demand for houses in Central New York. David Manzano, president of the greater Syracuse Realtors, says the new tax credit for first time home buyers will help jump start home sales. " I think with this promotion being passed that's going to be a shot in the arm that and historically low interest rates which are sitting at between 5.2 and 5.3 % on a 30 year fixed," he says.