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

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region plummeted 30 percent in May despitde indications more potential buyers are being drawh into the real estate market by low interesyt rates and a federal tax incentivefor first-tim buyers. A total of 554 new and existinhg single-family homes and condominiums sold inthe month, comparedr to 790 a year ago, basedr on preliminary figures released today by the . The overall mediaj sale price fell2 percent, to $191,900, althoughh prices were flat or rose in four of the six countiesa where most of the sales occur. The median price fell 7 percent in RensselaerCounty ($170,000) and 4 percent in Saratogz County ($238,800).
The median pric e was unchanged in AlbanyCounty ($205,000) and increased 6 percenyt in Schenectady County ($160,000), 13 percengt in Schoharie County ($148,500) and 39 percentr in Montgomery County ($106,700). The median is the point at whicnh half of the prices were more and half were which is considered a better gauge of the salews market thanthe average. The averages price in May fell3 percent, to The May results don’t necessarilg reflect the activity in the marke today since it takes two to three monthsw for a purchase contract to proceed to a final “I will tell you it has been my experiencs that open houses are phone calls and Internet leads are many,” GCAR Presideng Sandra Nardoci said.
“The feeling is that when buyerz become confident that their jobs are securew our market will pickup rapidly.” GCAR Chiefd Executive Officer James Ader has said the salezs report that’s compiled in July and releasef to the news media in Augustg will provide a good readinh on how the spring markett fared. There is one potentially tellingf sign of apossible turnaround: the overalp median sale price has increasexd steadily since January, rising from $171,700 to $191,900 in May. When only existingy homes are counted, total sales in May fell 26 percent. That comparesw with a 3.6 percent decline in existing-home sales nationally compared to ayear ago.
The median sale price for existing homes in the Albany region increasecd2 percent, to Nationally, the median sale price was down 16.8 percent, according to the . Albany 151 closed sales, down 16 percent Rensselaer County: 53 closed sales, down 55 percent Saratogaa County: 163 closed sales, down 34 percent Schenectadyy County: 93 closed sales, down 11 percent Schoharide County: 14 closed sales, down 22 percent Montgomery 20closed sales, no change