The median sales price for a house in the capital region continues to rise, showing a year-over-year increase of 5% in July and USD 6,500 from June to July.
In July 2019, the median retail price was $ 221,000. It was $ 231,500 at the end of July.
Outstanding sales were also up 17% from July 2019, although they were down slightly from the previous month.
The price increases, partly due to fewer homes coming on the market, led Tom McGroder, president of the Greater Capital Association of Realtors, and Laura Burns, its CEO, to adopt the New York First Time Homebuyers Savings Account program push. The law allows for a state income tax deduction of up to $ 5,000 per year for individuals and $ 10,000 for couples to help New Yorkers save money on their first home.
"Prices are likely to rise further through summer and early fall as many buyers and sellers negotiate multiple bidding situations," said McGroder. "Increased prices often have a difficult impact on first-time home buyers. As prices rise, so do high closing costs, making buying a home inaccessible for many first-time buyers."
Across the GCAR-Covered Region – Albany, Rensselaer, Saratoga, Schenectady, Fulton, Schoharie, and Montgomery – 1,187 sales were closed, 1,546 pending sales and 1,992 new listings were made in July. The average sale was $ 273,635.
On site there were 257 closed sales and 448 new offers in Albany County, 138 closed and 191 new offers in Rensselaer County, 288 closed and 523 new offers in Saratoga County, and 175 closed sales and 278 new offers in Schenectady County.