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Positive Regional Real Estate Trend Continues

Update: From the June 26, 2012 New York Times: Home prices rose in April for the third consecutive month, the latest indication that a recovery in the housing market was gaining traction.

The latest monthly Saratoga and Albany real estate numbers from May, confirmed what we projected last month. Region-wide prices rose for the fourth consecutive month (year over year). Pending home sales jumped over 10%, the fifth consecutive month of double digit pending sales jumps. Despite the strong five month trend, the second half of the year may not be as robust as the first half of the year. The national economy has shown some signs of strain, and storm clouds continue to circle around the European Union. As noted before, the Capital Region real estate market has been well insulated from most of the dramatic market swings otherwise seen on the national level. However, even if the local outlook is sunny and bright, the barrage of negative national news can darken market perception and confidence.

Below is the latest Capital Region Real Estate Skinny, which breaks down the latest monthly numbers from May. (The May numbers are not released until the end of June). If you are looking to buy a home or just curious about the market, you can always review the active homes for sale in Albany and Saratoga, and the surrounding communities. Monticello stands ready to provide honest advice with a sophisticated perspective on the Saratoga and Albany real estate markets. If you have questions do not hesitate to contact us directly.