The median sale price for a home in the Capital Region continues to increase, showing a 5% jump in July, compared with a year ago, and $6,500 from June to July.
In July 2019, the median sale price was $221,000. At the end of July, it was $231,500.
Pending sales are also up 17% from July 2019, although down slightly from last month.
The price increases, prompted in part by fewer houses coming on the market, led Tom McGroder, president of the Greater Capital Association of Realtors, and Laura Burns, its CEO, to push for the passage of the New York First Time Homebuyers Savings Account Program. The legislation provides 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 to spend on their first home.
"Prices are likely to continue to creep up through the remainder of the summer and early fall as many buyers and sellers are negotiating multiple offer situations," McGroder said. "Increased prices often have a difficult impact on first-time home buyers. As negotiated prices climb, already high closing costs do as well, bringing the purchase of a home out of reach to many first-time home buyers."
Across the region covered by GCAR — Albany, Rensselaer, Saratoga, Schenectady, Fulton, Schoharie and Montgomery counties — July saw 1,187 closed sales, 1,546 pending sales and 1,992 new listings. The average sale was $273,635.
Locally, there were 257 closed sales and 448 new listings in Albany County, 138 closed and 191 new listings in Rensselaer County, 288 closed and 523 new listings in Saratoga County, and 175 closed sales and 278 new listings in Schenectady County.
