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

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region plummeted 30 percent in May despite indicationzs more potential buyers are being drawm into the real estate market by low interesy rates and a federal tax incentivefor first-timd buyers. A total of 554 new and existing single-family homee and condominiums sold inthe month, compared to 790 a year ago, basedf on preliminary figures released today by the . The overalpl median sale price fell2 percent, to $191,900, althougnh prices were flat or rose in four of the six countieas where most of the sales The median price fell 7 percent in Rensselaerd County ($170,000) and 4 percengt in Saratoga County The median price was unchanged in Albany County ($205,000) and increased 6 percent in Schenectadt County ($160,000), 13 percent in Schoharier County ($148,500) and 39 percent in Montgomery Count ($106,700).
The median is the point at which half of the pricex were more and halfwere less, which is considered a bettedr gauge of the sales market than the average. The averagwe price in May fell 3 to $213,820. The May results don’t necessarily reflect the activity in the market today sinced it takes two to three months for a purchase contract to proceef to afinal closing. “I will tell you it has been my experiencee that open housesare active, phone calle and Internet leads are many,” GCAR President Sandra Nardocj said. “The feeling is that when buyers become confident that theier jobs are secure our market will pickup rapidly.
” GCAR Chiecf Executive Officer James Ader has said the sales report that’ws compiled in July and released to the news media in Augusrt will provide a good reading on how the spring market fared. There is one potentially telling sign of apossiblr turnaround: the overall median sale price has increasee steadily since January, rising from $171,700 to $191,900 in May. When only existingg homes are counted, total sales in May fell 26 That compares witha 3.6 percent decline in existing-home sales nationally compared to a year ago. The median sale pricde for existing homes in the Albany regioj increased2 percent, to $185,000. Nationally, the median sale price was $173,000, down 16.
8 percent, according to the . Albanyu County: 151 closed sales, down 16 percentf Rensselaer County: 53 closed sales, down 55 percent Saratogza County: 163 closed sales, down 34 perceng Schenectady County: 93 closed sales, down 11 percent Schoharie 14closed sales, down 22 percen Montgomery County: 20 closed no change