Home sales fell 5 percent in the Capital Region in June, possibly a result of low inventory levels, mortgage tightness and a slowly improving job market, according to the Greater Capital Association of Realtors.
New listings were up, active listings were down and inventory gains are likely on the horizon due to the region’s job growth, according to GCAR, which recently released its monthly report on home sales for the month of June.
Closed sales dropped across the Capital Region from 872 in June 2013 to 827 in June 2014. Pending sales, or the point at which buyer and seller agree to terms of a sale, dropped 2 percent from 957 to 942 over this period. Median sale price was down, too — 6 percent from $215,000 to $202,422.
Home sales fared better in some areas than others. Closed sales were down in most places except for Schoharie County, where they remained flat. Pending sales were down everywhere except for Schoharie and Schenectady counties.
In Albany County, closed sales were down 5 percent from 243 to 230. Pending sales were down 5 percent from 264 to 252.
In Saratoga County, closed sales were down 1 percent from 251 to 249. Pending sales were down 8 percent from 277 to 256.
In Schenectady County, closed sales were down 17 percent from 138 to 115. Pending sales were up 6 percent from 127 to 134.
In Schoharie County, closed sales were flat at 15. Pending sales were up 19 percent from 16 to 19.
In Montgomery County, closed sales were down 59 percent from 29 to 12. Pending sales were down 13 percent from 24 to 21.