Capital Region home sales continue to slide

PHOTOGRAPHER: Bethany Bump

Home sales continued to fall last month in the Capital Region, possibly the result of ongoing foreclosure activity in local communities, the Greater Capital Association of Realtors says.

Closed sales fell 3 percent across the Capital Region from 859 in October 2013 to 831 in October 2014. Pending sales, or the point at which buyer and seller agree to terms of a sale, fell 1 percent from 797 to 790 over that period. Median sale price was down, too — 3 percent, from $192,000 to $187,000.

“Even though home prices are a popular measure, it’s worthwhile to take note of what other metrics are trying to tell us,” said GCAR President Al Picchi in a news release.

Sellers accepted a slightly lower share of their asking price last month compared with a year ago, which could indicate they’re getting fewer offers, he said. Still, interest rates remain attractive.

Home sales fared better in some areas of the Capital Region than others. Saratoga, Schoharie and Montgomery counties saw closed sales rise last month. Albany and Schenectady counties saw pending sales rise.

•In Albany County, closed sales were down 2 percent from 211 to 206. Pending sales were up 1 percent from 216 to 218. Median sale price was up 6 percent from $197,500 to $209,000.

•In Saratoga County, closed sales were up 2 percent from 235 to 239. Pending sales were down 13 percent from 230 to 201. Median sale price was up 2 percent from $255,000 to $260,000.

•In Schenectady County, closed sales were down 2 percent from 132 to 129. Pending sales were up 37 percent from 101 to 138. Median sale price was down 1 percent from $156,900 to $155,000.

•In Schoharie County, closed sales were up 42 percent from 19 to 27. Pending sales were down 35 percent from 20 to 13. Median sale price was up 3 percent from $127,500 to $131,000.

•In Montgomery County, closed sales were up 5 percent from 21 to 22. Pending sales were down 14 percent from 22 to 19. Median sale price was up 6 percent from $92,500 to $98,025.