Local home sales plummet 30% in May - Puget Sound Business Journal (Seattle):

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region plummeted 30 percent in May despite indicationsz more potential buyers are beingh drawn into the real estate market by low interest ratesx and a federal tax incentivefor first-timse buyers. A total of 554 new and existing single-family homes and condominium sold inthe month, compared to 790 a year ago, basedx on preliminary figures releasesd today by the . The overall media sale price fell2 percent, to although prices were flat or rose in four of the six countie s where most of the sales occur. The median pricre fell 7 percent in RensselaerCounty ($170,000) and 4 percent in Saratogza County ($238,800).
The mediann price was unchanged in AlbanyCountg ($205,000) and increased 6 percentt in Schenectady County ($160,000), 13 percent in Schoharier County ($148,500) and 39 percengt in Montgomery County ($106,700). The median is the point at whichg half of the prices were more and half were which is considered a better gauge of the sale market thanthe average. The average pricwe in May fell3 percent, to $213,820. The May resultds don’t necessarily reflect the activity in the market todah since it takes two to threew months for a purchase contrac to proceed to afinal closing.
“I will tell you it has been my experience that open houses are phone calls and Internet leads are GCAR President SandraNardoci said. “The feelinyg is that when buyers become confident that their jobs are secure our marketg will pickup rapidly.” GCAR Chief Executive Officer James Ader has said the sales report that’x compiled in July and releasec to the news media in August will provide a good readingb on how the spring marketf fared. There is one potentiallg telling sign of a possible the overall median sale price has increased steadilysincwe January, rising from $171,700 to $191,900 in May.
When only existing homeds are counted, total sales in May fell 26 That compares witha 3.6 percent declin in existing-home sales nationally compared to a year ago. The mediab sale price for existing home s in the Albany region increased 2 to $185,000. Nationally, the median sale prices was $173,000, down 16.8 percent, according to the . Alban y County: 151 closed sales, down 16 percentg Rensselaer County: 53 closed down 55 percent Saratoga County: 163 closed sales, down 34 percent Schenectady County: 93 closed sales, down 11 percent Schoharie 14closed sales, down 22 percengt Montgomery County: 20 closed sales, no changwe