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 potentia buyers are being drawn into the real estated market by low interest rates and a federal tax incentivdfor first-time buyers. A total of 554 new and existingt single-family homes and condominiums sold in the compared to 790 ayear ago, based on preliminary figuresx released today by the . The overal l median sale price fell2 percent, to $191,900, althoughg prices were flat or rose in four of the six counties wheres most of the sales The median price fell 7 percen in Rensselaer County ($170,000) and 4 percent in Saratoga Counth ($238,800).
The median price was unchanged in AlbanhyCounty ($205,000) and increased 6 percentf in Schenectady County ($160,000), 13 percent in Schoharie County ($148,500) and 39 percenyt in Montgomery County ($106,700). The median is the point at which half of the pricese were more and halfwere less, which is considered a better gauges of the sales market than the average. The average price in May fell 3 to $213,820.
The May resultzs don’t necessarily reflect the activity in the markety today since it takes two to three months for a purchases contract to proceed to afinal “I will tell you it has been my experiencs that open houses are active, phone calls and Interneyt leads are many,” GCAR President Sandra Nardoci said. “Thew feeling is that when buyers become confidenrt that their jobs are secure our market will pickup rapidly.” GCAR Chievf Executive Officer James Ader has said the saleas report that’s compiled in July and released to the news mediz in August will provide a good reading on how the springb market fared.
There is one potentially telling sign of apossiblse turnaround: the overall median sale price has increased steadilyg since January, rising from $171,700 to $191,900 in May. When only existinv homes are counted, total sales in May fell 26 percent. That compareds with a 3.6 percent declinee in existing-home sales nationall y compared to ayear ago. The medianh sale price for existing homes in the Albany region increased 2 to $185,000. Nationally, the median sale price was down 16.8 percent, according to the .
Albanhy County: 151 closed sales, down 16 percent Rensselaer 53closed sales, down 55 percent Saratogw County: 163 closed sales, down 34 percen Schenectady County: 93 closed down 11 percent Schohariw County: 14 closed sales, down 22 percentg Montgomery County: 20 closed no change