Area housing market sees rising prices, fewer sales in June

Inventory climbing

ALBANY – The area housing market continued to see a mix of rising prices and declining sales in June, according to the latest data released by the Greater Capital Association of Realtors.

The median sales price for homes in the county saw a significant increase of 14.3%, rising from $319,305 in June 2023 to $365,000 in June 2024. Year-to-date, the median sales price also climbed by 12.1%, reflecting a continuing trend of increasing home values in the area.

However, despite the price gains, the number of closed sales dropped by 9.0% year-over-year, with 192 homes sold in June 2024 compared to 211 in June 2023. The year-to-date figures showed a similar trend, with closed sales down by 4.5%, from 1,013 in 2023 to 967 in 2024.

New listings in Albany County slightly decreased by 1.1% in June 2024, with 280 homes listed compared to 283 in June of the previous year. On a year-to-date basis, new listings showed a modest increase of 0.5%, rising from 1,313 in 2023 to 1,319 in 2024.

Homes continued to sell quickly, with the average days on the market remaining stable at 15 days in June, unchanged from the previous year. The percent of the original list price received by sellers also increased slightly, from 103.9% in June 2023 to 104.1% in June 2024.

The county’s inventory of homes for sale saw a 5.0% increase, with 273 homes available in June 2024 compared to 260 the previous year. The months’ supply of inventory also rose by 8.1%, indicating a slight easing of the tight market conditions.

Overall, while Albany County continues to see rising home prices, and the market is showing signs of cooling, with fewer sales and a slight increase in inventory.

According to a report released last week by the New York State Association of Realtors, the market slowdown has been felt across the state, where rising home prices and high interest rates made it increasingly difficult for homebuyers to enter the market last month.

Home prices continued to climb for the 11th consecutive month, with the median sales price rising by 8.5% compared to the same period last year. The median price of a home in June 2024 reached $448,000, up from $413,000 in June 2023.

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