Home sales fell 18 percent in the Greater Capital District in July, according to the latest monthly report from the Greater Capital Association of Realtors.
In July, sales closed on 840 homes across an 11-county region that includes Albany, Montgomery, Saratoga, Schenectady and Schoharie counties, down from 1,029 closed sales in July 2013. Pending sales, or the point at which buyer and seller agree to terms of a sale, rose 3 percent from 878 to 908 over the same period.
The number of active listings fell 3.6 percent last month to 8,274 units — a trend that is not expected to continue in coming months as seller and new construction activity pick up, GCAR officials say. The median sales price rose 1 percent, from $200,000 to $202,450 — lower than both national and Northeast figures.
“The statistics show that settling in the Capital Region is a good buy for those who are seeking to relocate and invest in a home in this area,” said GCAR CEO Laura Burns in a news release. “The area has so much to offer professionally in technology, education, start-up enterprises, public service and even the performing arts.”
Closed sales were down in five Capital Region counties, with pending sales up in four of the five counties.
In Albany County, sales closed on 227 homes in July, down 18 percent from 1,029 last July. Pending sales rose 3 percent, from 878 to 908 over the same period.
In Saratoga County, sales closed on 233 homes in July, down 20 percent from 292 last July. Pending sales rose 2 percent, from 244 to 249.
In Schenectady County, sales closed on 117 homes, down 24 percent from 154. Pending sales rose 4 percent from 135 to 141.
In Schoharie County, sales closed on 12 homes, down 48 percent from 23. Pending sales rose 54 percent from 13 to 20.
In Montgomery County, sales closed on 18 homes, down 22 percent from 23. Pending sales rose 31 percent from 16 to 21.