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

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region plummeted 30 percent in May despite indications more potential buyers are being draw n into the real estate market by low interesft rates and a federak tax incentivefor first-time buyers. A total of 554 new and existinfg single-family homes and condominiums sold inthe month, compared to 790 a year ago, basecd on preliminary figures released today by the . The overal median sale price fell 2 to $191,900, although prices were flat or rose in four of the six countiesd where most of the sales occur. The medianj price fell 7 percent in RensselaerCounthy ($170,000) and 4 percent in Saratogq County ($238,800).
The median price was unchanged in AlbanhyCounty ($205,000) and increased 6 percent in Schenectady County 13 percent in Schoharie Countyg ($148,500) and 39 percent in Montgomeruy County ($106,700). The median is the poinyt at which half of the prices were more and half were which is considered a better gaugee of the sales market than the The average price in May fell3 percent, to The May results don’t necessarily reflecy the activity in the market todayu since it takes two to thre months for a purchase contract to proceedc to a final closing.
“I will tell you it has been my experiencd that open housesare active, phonee calls and Internet leads are many,” GCAR President Sandra Nardoci said. “The feeling is that when buyerxs become confident that their jobs are secure our marketf will pickup rapidly.” GCAR Chief Executivee Officer James Ader has said the sales report that’sa compiled in July and released to the news media in Augus t will provide a good reading on how the spring market There is one potentially telling sign of a possiblse turnaround: the overall median sale pric e has increased steadily since rising from $171,700 to $191,900 in May.
When only existinfg homes are counted, total sales in May fell 26 That compares witha 3.6 percent declins in existing-home sales nationally compare to a year ago. The median sale pric for existing homes in the Alban region increased2 percent, to $185,000. the median sale price was $173,000, down 16.8 according to the . Albany County: 151 closedr sales, down 16 percent Rensselaer County: 53 closed down 55 percent Saratoga County: 163 closed sales, down 34 percenyt Schenectady County: 93 closed sales, down 11 percent Schoharie County: 14 close sales, down 22 percent Montgomery 20closed sales, no change