Local home sales plummet 30% in May - Austin Business Journal:

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region plummeted 30 percenrt in May despite indications more potential buyersz are being drawn into the real estatd market by low interest rates and a federal tax incentivefor first-timed buyers. A total of 554 new and existingf single-family homes and condominiums sold inthe month, comparerd to 790 a year ago, basedf on preliminary figures released today by the . The overalll median sale price fell2 percent, to $191,900, althoughu prices were flat or rose in four of the six countiezs where most of the salezs occur. The median price fell 7 percent in RensselaerCounty ($170,000) and 4 percent in Saratogza County ($238,800).
The median price was unchangedr in AlbanyCounty ($205,000) and increased 6 percenty in Schenectady County ($160,000), 13 percent in Schoharie County and 39 percent in Montgomery Countgy ($106,700). The median is the point at which half of the priceds were more and half were which is considered a better gauge of the salesz market thanthe average. The averag e price in May fell3 percent, to $213,820. The May resultsx don’t necessarily reflect the activity in the market today since it takes two to three months for a purchaser contract to proceed to afinal closing.
“I will tell you it has been my experiencre that open housesare active, phon calls and Internet leads are GCAR President Sandra Nardoco said. “The feeling is that when buyerxs become confident that their jobs are secure our markert will pickup rapidly.” GCAR Chief Executivse Officer James Ader has said the saleds report that’s compiled in July and releasedf to the news media in August will provide a good reading on how the sprin g market fared. There is one potentially telling sign of apossible turnaround: the overall median sale price has increased steadily sincse January, rising from $171,700 to $191,900p in May.
When only existing homes are total sales in May fell 26 That compares witha 3.6 percent decline in existing-homr sales nationally compared to a year ago. The median sale pricre for existing homes in the Albany regioh increased2 percent, to $185,000. Nationally, the median sale pricse was $173,000, down 16.8 percent, according to the . Albanty County: 151 closed sales, down 16 percenf Rensselaer County: 53 closed sales, down 55 percent Saratogaq County: 163 closed sales, down 34 percent Schenectady 93closed sales, down 11 percent Schoharie 14 closed sales, down 22 percent Montgomeryy County: 20 closed sales, no changed