Home Sales Tumble as Brokers Blame Tighter Supply – Albany, NY

Supply has lagged demand, according to local brokers, pushing prices higher.

Sales of new and existing homes in the Capital Region fell 17 percent in July, according to the latest figures from the Greater Capital Association of Realtors. The trade group cited continuing tight supply, which also pushed average and median sale prices up 4 percent.

“(T)he 3 percent dip in number of new listings … makes it more of a challenge to
meet the market’s current needs, but existing home prices are still very reasonable in
our region,” said Joel Koval, the association’s president.

The median sale price, at which half the houses sold for more and half for less, was up 4 percent to $216,450 in the 11-county area that includes the Capital Region.

In Saratoga County, the median price climbed 7 percent to $304,239. Albany County’s median price fell 1 percent to $222,750. Rensselaer County’s median rose 9 percent to $197,000, while the Schenectady County median price was up 4 percent to $171,600.

 The number of homes for sale fell nearly 19 percent, but the construction of new homes picked up, accelerating 31 percent, the association said.

Despite the rising house prices locally, they trail those in other parts of the Northeast.

“The July median price across the Northeast was $290,000 while the Capital Region’s landed at $216,450,” said Laura Burns, the association’s CEO. “A very affordable price to live in such a thriving region of New York State.”

 

This article was originally written by Eric Anderson and published on Times Union