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Area home value climb tapers off

Area home value climb tapers off

Rising home values — one of the brightest spots in the greater Capital Region’s housing market — los

Rising home values — one of the brightest spots in the greater Capital Region’s housing market — lost momentum in November and the pace of sales continued to slow, according to statistics released Monday by the Greater Capital Association of Realtors.

GCAR registered 756 closed single-family home sales in November, down 9 percent from a year earlier. During the same period the region’s median sale price slipped by 0.3 percent to $187,700.

November’s sluggishness brought the region’s 11-month sales pace to 8,965, down 7 percent from the same period of 2006.

On a year-to-date basis, the median sale price was up 2 percent at $192,500.

Although home values have been dragged down elsewhere in the nation, they have continued to rise locally — a resistance GCAR officials attribute to the region’s strong economy and public sector base. Home values have given little ground and have been fast to recover since the region’s first pricing correction in six years hit in September 2006.

But by November, Albany and Saratoga counties showed near flat home value growth and Schoharie County took a whopping 27 percent hit in its median sale price, which fell to $116,000 based on 26 sales.

Schenectady County continued to bear the brunt of the housing slump, with its November sales falling 11 percent over the year to 114.

However, home values during the same period managed to rise 5 percent to $156,700.

Nationally, home sales took a starker dive in November. Total existing home sales — including townhouses, condominiums and cooperatives — fell 20 percent over the year to 6.25 million.

During that period, the national median single-family sale price fell 3.3 percent to $210,200, the National Association of Realtors also reported Monday.

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