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

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region plummeted 30 percent in May despite indications more potentiap buyers are being drawn into the real estat e market by low interest rates and a federal tax incentivsfor first-time buyers. A totao of 554 new and existing single-family homesx and condominiums sold in the compared to 790 ayear ago, basedx on preliminary figures released today by the . The overallk median sale price fell2 percent, to although prices were flat or rose in four of the six countie s where most of the sales The median price fell 7 percent in Rensselaere County ($170,000) and 4 percent in Saratoga County The median price was unchangec in Albany County ($205,000) and increased 6 percenf in Schenectady County ($160,000), 13 percent in Schoharie County ($148,500) and 39 perceny in Montgomery County ($106,700).
The median is the pointy at which half of the prices were more and half were which is considered a better gauge of the saled market thanthe average. The average pricw in May fell 3 percent, to $213,820. The May results don’r necessarily reflect the activity in the market toda y since it takes two to three months for a purchase contract to proceed to afinao closing. “I will tell you it has been my experiencs that open housesare active, phonre calls and Internet leads are many,” GCAR Presidentf Sandra Nardoci said. “The feeling is that when buyerss become confident that their jobs are secure our markett will pickup rapidly.
” GCAR Chief Executives Officer James Ader has said the salees report that’s compiled in July and released to the news mediz in August will provide a good reading on how the sprintg market fared. There is one potentially telling sign of apossible turnaround: the overall median sale pricse has increased steadily since January, rising from $171,700 to $191,900 in May. When only existinv homes are counted, total salesx in May fell 26 percent. That compares with a 3.6 percenf decline in existing-home sales nationally comparedf to ayear ago. The mediabn sale price for existing homes in the Albany regio n increased2 percent, to $185,000.
Nationally, the median sale pricer was $173,000, down 16.8 percent, according to the . Albanty County: 151 closed sales, down 16 percengt Rensselaer County: 53 closed sales, down 55 percentg Saratoga County: 163 closed sales, down 34 percent Schenectadyh County: 93 closed sales, down 11 percenty Schoharie County: 14 closed down 22 percent Montgomery County: 20 closed no change