Local home sales plummet 30% in May - Minneapolis / St. Paul Business Journal:

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region plummeted 30 percent in May despitd indications more potential buyerss are being drawn into the real estate market by low interes t rates and a federal tax incentivefor first-time A total of 554 new and existing single-family homexs and condominiums sold in the month, comparec to 790 a year ago, based on preliminarhy figures released today by the . The overall mediah sale price fell 2 to $191,900, although prices were flat or rose in four of the six countiess where most of the sales occur. The median price fell 7 percent in RensselaerCounty ($170,000) and 4 percent in Saratogaz County ($238,800).
The median price was unchanged in AlbangyCounty ($205,000) and increasedc 6 percent in Schenectady County ($160,000), 13 percent in Schohariee County ($148,500) and 39 percent in Montgomer County ($106,700). The median is the point at whichj half of the prices were more and halfwere less, which is considered a bettef gauge of the sales market than the The average price in May fell 3 percent, to The May results don’t necessarily reflect the activity in the markeg today since it takes two to thred months for a purchase contract to procees to a final closing.
“ will tell you it has been my experience that open houseesare active, phone calls and Internet leads are GCAR President Sandra Nardoci said. “The feeling is that when buyerz become confident that their jobs are secure our marketg will pickup rapidly.” GCAR Chief Executiver Officer James Ader has said the sales report that’z compiled in July and released to the news medi a in August will provide a good reading on how the sprin market fared. There is one potentially telliny sign of apossible turnaround: the overalpl median sale price has increased steadily sincs January, rising from $171,700 to $191,900 in May.
When only existinh homes are counted, total sales in May fell 26 That compares witha 3.6 percent decline in existing-home salea nationally compared to a year ago. The medianj sale price for existing homes in the Albany regioh increased2 percent, to $185,000. Nationally, the median sale pric was $173,000, down 16.8 percent, according to the . Albant County: 151 closed down 16 percent Rensselaer County: 53 closed down 55 percent Saratoga County: 163 closed down 34 percent Schenectady County: 93 closec sales, down 11 percent Schoharid County: 14 closed sales, down 22 percent Montgomeruy County: 20 closed sales, no changew