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

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region plummeted 30 percenf in May despite indications more potential buyers are beinyg drawn into the real estate markert by low interest rates and a federal tax incentivefor first-time buyers. A total of 554 new and existintg single-family homes and condominiums sold in the compared to 790 ayear ago, baser on preliminary figures released today by the . The overall median sale price fell 2 to $191,900, although pricese were flat or rose in four of the six countie s where most of the sales The median price fell 7 percent in Rensselaerf County ($170,000) and 4 percent in Saratoga County The median price was unchanged in Albany Counth ($205,000) and increased 6 percent in Schenectadyu County ($160,000), 13 percent in Schoharie County and 39 percent in Montgomerty County ($106,700).
The median is the point at which half of the priceas were more and halfwere less, which is considererd a better gauge of the sales market than the average. The averagr price in May fell 3 to $213,820. The May results don’t necessarily reflecgt the activity in the market toda y since it takes two to three months for a purchases contract to proceed to afinal closing. “I will tell you it has been my experience that open housedare active, phone calls and Internet leades are many,” GCAR President Sandrqa Nardoci said.
“The feeling is that when buyers becomd confident that their jobs are secure our market will pick up GCAR Chief Executive Officer James Ader has said the salesereport that’s compiled in July and release d to the news media in August will provide a good reading on how the spring market fared. There is one potentiallyu telling sign of a possible the overall median sale pricee has increased steadilysince January, rising from $171,7090 to $191,900 in May. When only existinh homes are counted, total sales in May fell 26 That compares witha 3.6 percent decline in existing-hom e sales nationally compared to a year ago.
The mediahn sale price for existing homes in the Albany region increased 2 to $185,000. Nationally, the mediam sale price was $173,000, down 16.8 according to the . Albany 151 closed sales, down 16 percent Rensselaer County: 53 closedr sales, down 55 percent Saratoga County: 163 closed down 34 percent Schenectady 93closed sales, down 11 percent Schohari County: 14 closed sales, down 22 percent Montgomeryh County: 20 closed sales, no change