The supply of single-family homes on the market continued to shrink in August and prices rose, the Greater Capital Association of Realtors reported Monday.
Inventory levels fell 13.8% from year-earlier levels, with new listings down 6% from a year ago.
But pending sales also fell, down 3%, while completed sales fell 2%. The figures cover an 11-county area that includes the Capital Region.
The average sale price was $251,775 in August, up 3% from a year ago. The median price, at which half the homes sold for more and half for less, rose 4% to $223,950.
Results varied widely by county, with closed sales falling 3% in Albany County and 2% in Saratoga County. They tumbled 14% in Schenectady County but jumped 22% in Rensselaer County.
The most expensive sales were in Saratoga County, where the median sale price was up 5% to $304,045. In Albany County, the median price rose 5% to $230,500, while in Rensselaer County, it edged up 1% to $199,900. Schenectady County's median price was up 4% to $172,900.
Lawrence Yun, chief economist for the National Association of Realtors, said new home construction wasn't "keeping up to satisfy demand." A larger supply of moderately priced entry-level homes would likely boost sales, he added in a statement included with the local association's report.
The economy, while strong, is facing growing headwinds. The Federal Reserve was expected to raise interest rates, while new tariffs on Chinese imports were scheduled to take effect Monday.
Reports that Deputy Attorney General Rod Rosenstein would resign also pushed the Dow Jones industrial average down 180 points. Oil prices were near a four-year high, with Brent crude topping $80.
And the state Labor Department reported last week that the Capital Region was one of only two metro areas statewide to have lost jobs over the past year. Local unemployment rates for August, meanwhile, will be released Tuesday.
