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

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region plummeted 30 percent in May despite indicationsd more potential buyers are being drawn into the real estate market by low interest rates and a federalo tax incentivefor first-time buyers. A total of 554 new and existint single-family homes and condominiums sold inthe month, comparef to 790 a year ago, based on preliminary figures release d today by the . The overall median sale pricre fell2 percent, to although prices were flat or rose in four of the six countiesw where most of the sales occur. The median pricd fell 7 percent in RensselaeCounty ($170,000) and 4 percent in Saratogz County ($238,800).
The median price was unchangec in AlbanyCounty ($205,000) and increasedf 6 percent in Schenectady County ($160,000), 13 perceny in Schoharie County ($148,500) and 39 percent in Montgomer y County ($106,700). The median is the poinft at which half of the prices were more and half were which is considered a better gauge of the salea market thanthe average. The average price in May fell 3 percent, to $213,820. The May resultsa don’t necessarily reflect the activity in the market today sinc e it takes two to three months for a purchasre contract to proceed to afinal closing.
“I will tell you it has been my experiencw that open housesare active, phone callds and Internet leads are many,” GCAR President Sandrs Nardoci said. “The feeling is that when buyerxs become confident that their jobs are secure our market will pickup rapidly.” GCAR Chief Executivde Officer James Ader has said the sales report that’x compiled in July and released to the news media in August will provide a good reading on how the spring markegt fared. There is one potentiallyt telling sign of apossible turnaround: the overallk median sale price has increased steadily sincew January, rising from $171,700 to $191,900 in May.
When only existin 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 medianj sale price for existing homes in the Alban y region increased2 percent, to $185,000. Nationally, the media n sale price was $173,000, down 16.8 percent, accordinfg to the . Albany 151 closed sales, down 16 percent Rensselaer 53closed sales, down 55 percent Saratog a County: 163 closed sales, down 34 percent Schenectadyu County: 93 closed sales, down 11 percent Schohariee County: 14 closed sales, down 22 percengt Montgomery County: 20 closed sales, no changed