PRESS RELEASE
For release Tuesday, June 23, 2015
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191 x16
The first half of 2015 ended on a high note for home sales in the Capital Region with new listings increasing by nearly 7 percent to 2,228.
Adding to the high level of summer activity, Pending Sales increased more than 17.5 percent over June 2014 impacting inventory levels market-wide to fall by 10 percent last month.
Prices did not see much variance compared to June 2014. The Median Sales Price remained flat at $199,850. Prices could tip either way eventually as the story of the market deepens with each month.
Nationwide, existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, says backed by June’s solid gain in closings, this year’s spring buying season has been the strongest since the downturn. “Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” he said. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”
Greater Capital Association of REALTORS® President, Cathy Griffin, of Keller Williams, Capital District, remains optimistic about home sales in the remainder of 2015, “Forecasting market trends can be as unpredictable as the weather,” Griffin said, “but if interest rates remain low through the summer months, the outlook is promising, even if rates go up later in the year.”
That’s welcomed news for sellers. GCAR CEO, Laura Burns remarked, “On average, sellers are receiving nearly 95 percent of Original List Price. If it’s priced right, it will move fast – the average Days On Market has dropped by 6% from last June to 79 giving sellers just enough time to find a new home and pack before their closing!”
The Greater Capital Association of REALTORS® is a professional trade association officially representing the real estate industry since 1920 (formerly the Albany County Association of REALTORS®) and is the local chapter for the New York State and National Associations of REALTORS®. GCAR is composed of a broad base of professionals including licensed real estate brokers and sales agents, multi-dwelling owners, appraisers, mortgage and banking professionals, title and abstract companies and other companies servicing the real estate industry.