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ALBANIA – Cooler weather often triggers a buyer’s market – where more homes to sell than those looking to buy – but realtors concerned about a shortage of inventory are predicting a different kind of season this fall.
The Greater Capital Association of Realtors said competition remained strong in August, impacting prices and inventory in the Capital District. Pending sales stood at 1,177, a 31% change from August 2020. Closed sales slowed 9% to 1,352 from 1,485 a year ago. Sellers contributed 1,725 new listings into the mix for busy real estate agents.
Nationally, the story was the same. “Sales edged down in August as prices rose nationally,” said Lawrence Yun, chief economist for the National Association of Realtors. “While there has been a decline in home purchases, potential buyers are looking but much more measured about their financial limits and just expecting more inventory.”
NAR reported that the median price of existing homes for all housing types in August was $ 356,700, up 14.9% from August 2020. Although the median price in the Greater Capital District is comparatively lower than The national average, the percentage increase was almost the same with a 13.8% increase from August 2020.
This most recent report marks nearly a decade of consecutive year-over-year gains. Realtors said buyers remain in the market, but inventory, affordability and back-to-school preparations sometimes have a decelerating effect on sales in late summer. Still, sellers received 101.3 percent of the original list price for their homes.
Realtors believe that without a significant addition of new homes, prices will likely continue to rise through the fall. August inventories were down 19.4 percent. The efforts of builders brought 116 new homes with a median selling price of $ 402,379 in the local market last month, a decrease of 56% from last year.
Home builders across the country continue to struggle to meet buyer demand. Nationwide housing starts fell 7 percent in August, according to the Commerce Department. Labor shortages, rising material costs and supply chain setbacks continue to challenge builders. Some are temporarily halting projects due to the availability and cost of materials.
As the region and the rest of the country brace for cooler weather and more indoor activity, health concerns weigh heavily as summer hits the rearview mirror. Vaccination rates, the challenges of new variants and the ‘new normal’ of working from home may continue to impact the Capital District market with the fervor of first-time buyers and tenants looking to spend this winter in the city. their own home.
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