Local home sales plummet 30% in May - Minneapolis / St. Paul Business Journal:

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region plummeted 30 percent in May despite indications more potentialo buyers are being drawn into the real estate markey by low interest rates and a federalk tax incentivefor first-time A total of 554 new and existint single-family homes and condominiums sold in the month, compared to 790 a year ago, basedr on preliminary figures released today by the . The overalol median sale price fell2 percent, to $191,900, althoughg prices were flat or rose in four of the six counties wheree most of the sales occur. The media n price fell 7 percent in RensselaerCounty ($170,000) and 4 percenr in Saratoga County ($238,800).
The median priced was unchanged in AlbanyCounty ($205,000) and increase 6 percent in Schenectady County ($160,000), 13 percenf in Schoharie County ($148,500) and 39 percent in Montgomeryt County ($106,700). The median is the point at whichb half of the prices were more and halfwere less, whicgh is considered a better gauge of the sales market than the average. The average pricer in May fell3 percent, to The May results don’t necessarily reflect the activitg in the market todayu since it takes two to three montha for a purchase contract to proceedx to a final closing.
“I will tell you it has been my experiencer that open housesare active, phone callz and Internet leads are many,” GCAR President Sandra Nardocik said. “The feeling is that when buyerds become confident that their jobs are secure our market will pick up GCAR Chief Executive Officer James Ader has said the salesreport that’s compiled in July and releasef to the news media in August will provide a good readingh on how the spring market fared. Therre is one potentially telling sign of a possible turnaround: the overall mediah sale price has increased steadily since January, risinb from $171,700 to $191,900 in May.
When only existing homes are counted, total salexs in May fell 26 percent. That comparesx with a 3.6 percent decline in existing-homes sales nationally compared to ayear ago. The median sale price for existing homes in the Albany region increasecd2 percent, to $185,000. Nationally, the median sale pricre was $173,000, down 16.8 percent, according to the . Albanyy County: 151 closed sales, down 16 percengt Rensselaer County: 53 closed sales, down 55 percent Saratog County: 163 closed sales, down 34 percent Schenectady 93closed sales, down 11 percen Schoharie County: 14 closed sales, down 22 percenty Montgomery County: 20 closed sales, no change