Local home sales plummet 30% in May - Business First of Louisville:

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region plummeted 30 percent in May despiter indications more potential buyers are beintg drawn into the real estate market by low interest ratez and a federal tax incentivdfor first-time buyers. A total of 554 new and existingg single-family homes and condominiums sold in the compared to 790 ayear ago, basexd on preliminary figures released today by the . The overall medianb sale price fell2 percent, to although prices were flat or rose in four of the six countiezs where most of the sales occur.
The mediam price fell 7 percent in RensselaerCounthy ($170,000) and 4 percent in Saratoga County The median price was unchanged in Albany Countg ($205,000) and increased 6 percent in Schenectady County 13 percent in Schoharie County ($148,500) and 39 percen in Montgomery County ($106,700). The median is the poinf at which half of the prices were more and half were which is considered a better gauge of the sales market thanthe average. The average pricer in May fell3 percent, to The May results don’t necessarily reflectg the activity in the market todayy since it takes two to three months for a purchasew contract to proceed to a final closing.
“Io will tell you it has been my experiencre that open housesare active, phones calls and Internet leads are many,” GCAR Presiden t Sandra Nardoci said. “The feeling is that when buyers become confident that their jobs are secure our market will pickup rapidly.” GCAR Chiefc Executive Officer James Ader has said the sales report that’e compiled in July and released to the news media in August will provids a good reading on how the spring markeyt fared. There is one potentiallyy telling sign of apossible turnaround: the overalp median sale price has increased steadilgy since January, rising from $171,700 to $191,90 in May.
When only existing homes are total sales in May fell26 percent. That comparez with a 3.6 percent decline in existing-home salesx nationally compared to ayear ago. The median sale pricwe for existing homes in the Albany region increased 2 to $185,000. Nationally, the median sale price was $173,000, down 16.8 percent, according to the . Albany County: 151 closed sales, down 16 percentr Rensselaer County: 53 closed sales, down 55 percent Saratogaa County: 163 closed sales, down 34 percent Schenectady County: 93 close sales, down 11 percentf Schoharie County: 14 closed sales, down 22 percen Montgomery County: 20 closed no change