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What you need to know for 01/16/2017

August home sales numbers paint mixed picture for region

August home sales numbers paint mixed picture for region

Housing sales continued to improve across the Capital Region last month, according to the latest sta

Housing sales continued to improve across the Capital Region last month, according to the latest statistics released Thursday by the Greater Capital Association of Realtors.

Closed sales increased across the region by 3 percent from August 2012 to August 2013, while pending sales rose 1 percent and the median sales price of a home rose 2 percent.

“Motivated by interest rates, which have begun to move upwards, and low inventory of available homes, buyers in the region have continued to be active,” said GCAR President Miguel Berger in a news release. “Although interest rates have increased to the low- to mid-4 percent range, we see nothing to indicate they will escalate much beyond where they sit right now. But don’t pass up an opportunity in a market which has reached a balance where neither buyers nor sellers have a perceptible advantage in the negotiation process.”

Buyer activity varied by county, though. Sales in Saratoga and Albany counties rose last month, while sales dipped in Schenectady, Montgomery and Schoharie counties.

In Albany County, closed sales rose 13 percent, from 246 in August 2012 to 277 in August 2013. Pending sales rose 4 percent, from 213 to 222, during that time.

In Saratoga County, closed sales were up 3 percent, from 273 last year to 282 last month. Pending sales dropped 16 percent, though, from 258 to 216, over the one-year period.

Closed sales fell 6 percent in Schoharie County, from 17 sales last August to 16 sales last month. Pending sales fell 23 percent, from 26 to 20.

Closed sales fell 9 percent in Montgomery County, from 22 to 20. Pending sales dropped 39 percent, from 23 to 14.

Schenectady County saw the biggest slide in closed sales last month, with a 21 percent drop, from 163 sales last August to 128 last month. Meanwhile, pending sales rose 24 percent, from 106 to 131, during that period.

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