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

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region plummeted 30 percent in May despite indications more potential buyers are being drawnj into the real estate market by low interes t rates and a federal tax incentivefor first-times buyers. A total of 554 new and existing single-family homes and condominiums sold inthe month, comparer to 790 a year ago, based on preliminaru figures released today by the . The overall median sale price fell2 percent, to although prices were flat or rose in four of the six countiesx where most of the sales occur. The median price fell 7 percenf in RensselaerCounty ($170,000) and 4 percenyt in Saratoga County ($238,800).
The median price was unchangee in AlbanyCounty ($205,000) and increasedr 6 percent in Schenectady County ($160,000), 13 percent in Schoharies County ($148,500) and 39 percentr in Montgomery County ($106,700). The medianm is the point at which half of the pricese were more and halfwere less, which is considered a better gauge of the saleds market than the average. The average pricee in May fell3 percent, to The May results don’t necessarily reflect the activitty in the market today since it takes two to three month s for a purchase contract to proceed to a finaol closing.
“I will tell you it has been my experience that open housedsare active, phone calls and Internet leads are GCAR President Sandra Nardoci said. “The feelin is that when buyers become confident that their jobs are securde our market will pickup rapidly.” GCAR Chief Executive Officer James Ader has said the sales report that’e compiled in July and released to the news media in August will provide a good reading on how the sprinhg market fared. There is one potentially telling sign of a possible the overall median sale price has increasesd steadilysince January, rising from $171,700 to $191,900 in May.
When only existintg homes are counted, total sales in May fell 26 That compares witha 3.6 percenft decline in existing-home sales nationall y compared to a year ago. The median sale price for existing homes in the Albany region increase2 percent, to $185,000. Nationally, the medianb sale price was $173,000, down 16.8 percent, accordingt to the . Albany County: 151 closed down 16 percent Rensselaefr County: 53 closed sales, down 55 percent Saratoga County: 163 closed sales, down 34 percent Schenectady County: 93 closed down 11 percent Schoharie 14closed sales, down 22 percent Montgomery 20 closed sales, no change