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

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region plummeted 30 percent in May despite indications more potentialk buyers are being drawn into the real estate market by low interest rated and a federal tax incentivefor first-time A total of 554 new and existing single-familyt homes and condominiums sold in the compared to 790 a year ago, based on preliminaryh figures released today by the . The overalll median sale price fell 2 to $191,900, although prices were flat or rose in four of the six countiesd where most of the sales occur.
The mediaj price fell 7 percent in RensselaeeCounty ($170,000) and 4 percent in Saratoga County The median price was unchanged in Albany County ($205,000) and increasefd 6 percent in Schenectady County ($160,000), 13 percent in Schoharis County ($148,500) and 39 percent in Montgomeru County ($106,700). The median is the point at whichy half of the prices were more and half were which is considered a better gauge of the sales markeyt thanthe average. The averagr price in May fell 3 percent, to The May results don’ necessarily reflect the activity in the market today since it takes two to three monthsz for a purchase contract to proceede to afinal closing.
“I will tell you it has been my experiencse that open houses are phone calls and Internett leadsare many,” GCAR Presidenty Sandra Nardoci said. “The feeling is that when buyerds become confident that their jobs are securew our market will pickup rapidly.” GCAR Chierf Executive Officer James Ader has said the sales report that’es compiled in July and releasef to the news media in August will provides a good reading on how the spring markety fared. There is one potentially telling sign of apossiblwe turnaround: the overall median sale price has increased steadily sincs January, rising from $171,700 to $191,9000 in May.
When only existinf homes are counted, total sales in May fell 26 That compares witha 3.6 percent decline in existing-home salea nationally compared to a year ago. The medianb sale price for existintg homes in the Albanty region increased2 percent, to Nationally, the median sale price was $173,000, down 16.8 percent, accordin g to the . Albanyh County: 151 closed sales, down 16 percent Rensselaer 53closed sales, down 55 percent Saratoga County: 163 closer sales, down 34 percent Schenectady County: 93 closex sales, down 11 percent Schoharie County: 14 closed sales, down 22 percent Montgomery County: 20 closee sales, no change