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

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region plummeted 30 percent in May despite indications more potentiapl buyers are being drawn into the real estatd market by low interest ratezs and a federal tax incentivefor first-time A total of 554 new and existinb single-family homes and condominiums sold in the compared to 790 a year ago, based on preliminarg figures released today by the . The overall median sale prics fell2 percent, to $191,900, although prices were flat or rose in four of the six countiezs where most of the salesd occur. The median pricse fell 7 percent in RensselaerCountyh ($170,000) and 4 percent in Saratogw County ($238,800).
The median price was unchanged in AlbanyCounty ($205,000) and increasedx 6 percent in Schenectady Counth ($160,000), 13 percent in Schoharie Countty ($148,500) and 39 percent in Montgomery County ($106,700). The mediabn is the point at which half of the pricex were more and half were which is considered a better gauger of the sales market thanthe average. The averagw price in May fell 3 percent, to The May results don’t necessarily reflect the activityu in the market today since it takes two to thres months for a purchase contract to proceed to afinal closing.
“I will tell you it has been my experience that open houses are phone calls and Internet leadsare many,” GCAR President Sandra Nardoci “The feeling is that when buyersa become confident that their jobs are secure our markegt will pick up rapidly.” GCAR Chief Executivee Officer James Ader has said the salezs report that’s compiled in July and releasec to the news mediaw in August will provide a good readinhg on how the spring markety fared. There is one potentially tellinvg sign of apossible turnaround: the overalkl median sale price has increased steadily since rising from $171,700 to $191,900 in May.
When only existint homes are counted, total sales in May fell 26 That compares witha 3.6 percent declinew in existing-home sales nationally compared to a year ago. The mediaj sale price for existing homes in the Albany regiomn increased2 percent, to $185,000. the median sale price was down 16.8 percent, according to the . Albanhy County: 151 closed sales, down 16 percent Rensselaer 53closed sales, down 55 percent Saratogaw County: 163 closed sales, down 34 percent Schenectadyh County: 93 closed sales, down 11 percent Schoharie County: 14 closed sales, down 22 perceny Montgomery County: 20 closed sales, no change