The Daily Gazette - Schenectady, NY
Daily Gazette

Housing market takes a dive as slump worsens
Friday, July 25, 2008

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— Greater Capital Region home sales headed South for the summer.

The housing slump worsened in the region with sales last month dropping 25 percent and home values stalling. The region’s number of closed single-family homes fell to 771 from 1,024 in June 2007. Its median sale price was flat over the year at $195,000, according to statistics released Thursday by the Greater Capital Association of Realtors.

June’s year-over sales pace is the slowest the region has seen since March’s 26 percent decline. Realtors blamed uncertainty over the nation’s economy for dragging down sales.

“It’s a general feeling of malaise of what’s going to happen, said GCAR President Marie Bettini.

Sales regionwide for the first half totaled 3,777, down 17 percent from the same six-month period of last year. First half sales fell to their lowest level since 2003. The region’s median sale price for the first six months was $190,000, unchanged from a year earlier.

Schenectady County bore the brunt of June’s slowdown, posting a 30 percent monthly sales decline to 117. A 6 percent pricing correction also slammed the county, sending its median sale price to $158,800. Rensselaer County also took a beating in June, posting both a 25 percent monthly sales drop and 7 percent decline in its median sales price.

Saratoga County continued to recover from the 15 percent pricing correction that hit it in April. The county’s median sale price rose 6 percent last month to $265,000, though sales plunged 23 percent to 189.

The national front for single-family home sales looked slighter better — or at least moving faster — than the region’s in June. U.S. single-family home sales totaled 4.27 million, down 15 percent from a year earlier. During the same period, the nation’s median sale price tumbled 6.7 percent to $213,800, the National Association of Realtors in Washington D.C. also announced Thursday.



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