Albany Housing Market Adjusts in February

Home prices and the number of sales were mostly flat in the Albany housing market and surrounding region in February, according to data released by the Greater Capital Association of Realtors Inc.

The data, which was compiled by the Capital Region Multiple Listing Service Inc.,  found that the number of single-family home sales during the month was 571. This is down 1 percent from the 575 recorded in February 2006.

The median price, the point at which half of the sales are for more and half are for less, fell 7 percent to $175,000 - giving home to potential New York mortgage seekers hoping costs will come down.

“At some time the market must adjust and that is what it is doing now,” said James Ader, CEO of the association, who said that the high rate of appreciation in recent years could not be sustained.

While the New York housing market as a whole fluctuates widely, given the diverse nature of the state’s real estate markets, Upstate New York has generally maintained its affordable status.

For the year so far, the number of total closed sales was steady at 1,154, and the median price also held at $185,000, while home loan rates remained steady.

Albany County managed to buck the trend in February with the number of closed sales rising 13 percent to 137, and the median price rising by 6 percent to $185,000.

In Rensselaer County, closed sales fell 16 percent to 77 and the median price fell 9 percent to $159,000. In Saratoga County, closing totals fell 6 percent to 148 and the median price rose 1 percent to $260,000.

While bad credit New York mortgage lending has become a problem (at least 91,000 residents face serious foreclosure risk), the Albany area is not a hotspot for delinquency. Hopefully, the market continues on a steady path.

SOURCE: Albany Business Journal