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June Prices Hit an All-Time High – 17th Consecutive Month of Price Gains

Albany Median Home Sales Price 2013As the market continues to improve, home prices set an new all-time record in June 2013. The median home sales price in June reached $216,000, the highest ever June median homes sales price in the Capital Region. Not only did prices rises, but so did pending home sales.

Pending homes sales were up 3.7% in June, to 933 purchase contracts. Pending home sales are a great harbinger of what is to come. The increase pending homes sales portends and increase in home sales for the month of July.

Albany Pending Home Sales for June 2013Meanwhile, the housing inventory has shrunk, 18% to a 10.6 months supply of housing inventory. Although a 6.0 months supply of housing inventory is considered a balanced market, the current supply of inventory seems to overstate the true buyer’s advantage. From the view on the ground in Albany and Saratoga county, the most of the inventory is left over from the last several years. The new houses, which are priced right and show well, aren’t staying active very long. Buyers understand the 10.6 moths supply of housing inventory doesn’t bear on new listings.

3 month home mortgage interest ratesAll of this takes place agains the back drop of rising interest rates and an improving economy. Most analysts agree rising interests may slow the growth of sales and prices, but it likely won’t reverse the overall positive trend. Buyers, recognizing the rising interest rates, are likely to move more quickly on their purchase.

As always, if you have questions or concerns don’t hesitate to contact us.  To search for all that declining inventory of available homes for sale, check out the search pages. 

Below is the latest Great Capital Association or Realtors market skinny. For more detailed market numbers, you can visit the Albany County market page or the Saratoga County market page, with links to the specific micro markets.