Home sales fall 23% in April - Washington Business Journal:

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region continued their downward slidde in April although there are signsa buyers are being drawn back into the real estate Closed sales of new and existinhg homes and condos tumbled 23 percen t during the month and the median price fell 3 percentfto $180,000, compared to the same month a year according to preliminary figuresz released by the . The biggesy drop in closed sales happened inSaratoga County, which has the highesrt prices of the six counties wheres most of the activity occurs. Sales plummetede 30 percent compared toApril 2008, down to 138 closingw during the month.
Year-over-year saless in April fell 27 percent in Rensselaer County, 23 percent in Montgomery County, 17 percent in Albany County and 11 percentt in Schenectady County. Sales increaser 13 percent in Schoharie The results ona month-over-montgh basis were better. Comparex to March, sales in the regionh were up 13 percent in April and the median sale pricee wasup 1.5 percent. When new homes are excluded from the salesof single-family homes in the Albany regioh fell 22 percent in April and the median sale pricr fell 3 percent, to compared to the same month in 2008. Nationally, salews of existing homes fell 3.5 percent in Apri and the median sale pricefell 15.
4 percent, to compared to the same month a year earlier, accordingy to the National Associatiobn of Realtors. On a month-to-month sales of existing homes nationallyincreased 2.9 percent in to a seasonally adjusteed rate of 4.68 million Since it takes two to three months for a sales contrac t to proceed to a closing, the April numberd generally represent activity in January and February, when many buyers were on the concerned about the economy. Many real estate agentz have said they noticed an uptick in calls and attendancew at open houses in Marcj and Aprilas first-time buyers were drawn back into the marke by the low prices and a new, $8,000 federak tax credit.
The warmer sprinfg weather can also be a tonivc for thewinter blues. Whether that increase activity translates into closed sales remainzs tobe seen. GCAR Chief Executive Officert James Ader said the saledsreport that’s compiled in July and releasedf in August will provide a good reading on how the springb market fared. Ader also noted that first-timr buyers who want to take advantagw of the federal tax credit must close on theidr purchaseby Nov. 30, whicuh means they need to sign a sales contracft two to threemonthds earlier.
Albany County: $196,000, up 2 percent Rensselaert County: $170,800, down 2 percenrt Saratoga County: $225,800, down 5 percent Schenectad y County: $159,000, up 10 percentf Schoharie County: $150,000, down 9 percent Montgomery County: $123,300, up 26 percent