Local home sales plummet 30% in May - Pacific Business News (Honolulu):

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region plummeted 30 percent in May despits indications more potential buyers are being drawn into the real estate market by low interesrt rates and a federal tax incentivefor first-time A total of 554 new and existingf single-family homes and condominiums sold in the compared to 790 a year ago, based on preliminary figureds released today by the . The overall median sale price fell2 percent, to although prices were flat or rose in four of the six countiees where most of the sales occur. The median prics fell 7 percent in RensselaetrCounty ($170,000) and 4 percent in Saratoga Countu ($238,800).
The median price was unchanged in AlbanyCounty ($205,000) and increased 6 percenrt in Schenectady County ($160,000), 13 percent in Schoharie Countuy ($148,500) and 39 percent in Montgomerhy County ($106,700). The median is the point at whicg half of the pricese were more and halfwere less, which is considered a better gauge of the salesd market than the average. The average pricew in May fell3 percent, to $213,820. The May results don’t necessarily reflect the activity in the markey today since it takes two to three montha for a purchase contract to proceed to afinao closing.
“I will tell you it has been my experience that open houseaare active, phone calls and Internet leads are many,” GCAR Presideny Sandra Nardoci said. “The feeling is that when buyeres become confident that their jobs are secure our markeft will pickup rapidly.” GCAR Chief Executive Officedr James Ader has said the salexs report that’s compiled in July and released to the news mediq in August will provide a good readingb on how the spring market fared. There is one potentially tellingf sign of a possible the overall median sale priced has increased steadily since risingfrom $171,700 to $191,900 in May.
When only existinf homes are counted, total sales in May fell 26 That compares witha 3.6 percent declinde in existing-home sales nationally compared to a year ago. The mediahn sale price for existing homez in the Albany region increased 2 to $185,000. Nationally, the median sale price was down 16.8 percent, according to the . Albangy County: 151 closed sales, down 16 percent Rensselaed County: 53 closed sales, down 55 percentf Saratoga County: 163 closed sales, down 34 percent Schenectadyu County: 93 closed down 11 percent Schoharie County: 14 closed down 22 percent Montgomery 20closed sales, no change