The Capital Region saw a dramatic decline in pending sales of single-family homes in September vs. August and a double-digit decline in sales compared with the same time a year ago, according to a report by the Greater Capital Association of Realtors.
The association reported 801 pending sales of existing and new construction single-family homes in August and 586 in September, a 27 percent decline. The total number of pending sales for the year to date is down 12 percent, 5,979, vs. the year-to-date total as of September 2009 — 6,809.
The number of closed sales in the Capital Region for September is down 31 percent vs. August’s total of 762, according to the association.
Association President Laurene Curtin said the September figures indicate a slower than normal housing market. “Until the economy settles down and sorts itself out, we don’t expect a major turnaround in activity,” she said in a news release.
James Ader, the association’s chief executive officer, said that despite the decline in sales, housing prices in the Capital Region continue to increase. “An indicator of the strength of the Capital Region housing stock is seen in sales prices,” he said in the release.
Ader said the median price of a house sold in September was $199,500, up 8 percent from August. The median price is up 2 percent for the year to date compared to 2009 sales figures. “While the one month figures might be misleading because of the small sample of sales, we also note that for the year housing prices for the first nine months are also up, although to a lesser extent. There is no housing crash in the Capital Region,” he said.
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