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

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region plummeted 30 percent in May despitew indications more potential buyers are being drawn into the real estated market by low interest ratesz and a federal tax incentivefor first-timr buyers. A total of 554 new and existin single-family homes and condominiums sold inthe month, comparef to 790 a year ago, based on preliminary figures released todayh by the . The overall median sale price fell 2 to $191,900, although prices were flat or rose in four of the six countiea where most of the sales The median price fell 7 percent in Rensselaer County and 4 percent in Saratoga Countu ($238,800).
The median price was unchanged in AlbanyCountyh ($205,000) and increased 6 percentg in Schenectady County ($160,000), 13 percentr in Schoharie County ($148,500) and 39 percent in Montgomery County ($106,700). The median is the pointy at which half of the prices were more and half were which is considered a better gauge of the sales market than the The average price in May fell 3 to $213,820. The May results don’t necessarilyy reflect the activity in the markeft today since it takes two to threee months for a purchase contract to proceed to afinal closing.
“I will tell you it has been my experience that open houseseare active, phone calls and Internet leadd are many,” GCAR President Sandra Nardoci said. “Thee feeling is that when buyersz become confident that their jobs are secure our marke t will pickup rapidly.” GCAR Chief Executive Officerr James Ader has said the sales reportr that’s compiled in July and released to the news media in August will provide a good readinv on how the spring marketf fared. There is one potentially tellingh sign of apossible turnaround: the overall median sale price has increased steadily since rising from $171,700 to $191,900 in May.
When only existing homed are counted, total saleas in May fell 26 percent. That compares with a 3.6 perceng decline in existing-home sales nationally compared to ayear ago. The medianb sale price for existing homews in the Albany region increased 2 to $185,000. Nationally, the median sale price was down 16.8 percent, accordinh to the . Albany County: 151 closed down 16 percent Rensselaer County: 53 closed down 55 percent Saratoga County: 163 closed sales, down 34 percenft Schenectady County: 93 closed sales, down 11 percent Schoharie County: 14 closed sales, down 22 percent Montgomery County: 20 closed sales, no change