Local home sales plummet 30% in May - Houston Business Journal:

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region plummeted 30 percentg in May despite indications more potential buyers are being drawn into the real estate market by low interest ratese and a federal tax incentivefor first-timre buyers. A total of 554 new and existinh single-family homes and condominiums sold inthe month, comparede to 790 a year ago, base on preliminary figures released today by the . The overall median sale pric e fell2 percent, to $191,900, although prices were flat or rose in four of the six countiees where most of the sales occur. The mediabn price fell 7 percent in Rensselaer County ($170,000) and 4 percent in Saratogaw County ($238,800).
The median priced was unchanged in AlbanyCounthy ($205,000) and increased 6 percent in Schenectaduy County ($160,000), 13 percent in Schoharie County ($148,500) and 39 percent in Montgomery County ($106,700). The median is the point at which half of the pricexs were more and halfwere less, which is consideresd a better gauge of the sales marketf than the average. The average pricew in May fell 3 to $213,820. The May results don’tt necessarily reflect the activity in the market today since it takes two to threee months for a purchase contract to proceed to afinao closing.
“I will tell you it has been my experience that open houseesare active, phone calls and Internet leadas are many,” GCAR President Sandra Nardoci said. “The feeling is that when buyer s become confident that theid jobs are secure our markeg will pickup rapidly.” GCAR Chief Executivse Officer James Ader has said the sales report that’s compile in July and released to the news media in Augusrt will provide a good reading on how the spring marketr fared. There is one potentiallh telling sign of a possible the overall median sale price has increased steadilysinced January, rising from $171,70 0 to $191,900 in May.
When only existing homes are counted, totapl sales in May fell 26 percent. That compares with a 3.6 percentr decline in existing-home sales nationally comparer to ayear ago. The media n sale price for existing homees in the Albany regioj increased2 percent, to $185,000. the median sale price was $173,000, down 16.8 according to the . Albany County: 151 closefd sales, down 16 percent Rensselaer 53closed sales, down 55 percent Saratogwa County: 163 closed down 34 percent Schenectady 93 closed sales, down 11 percent Schoharie County: 14 closed sales, down 22 percent Montgomerg County: 20 closed sales, no changs