Housing market remains cool, active

CAPITAL REGION, N.Y.» The regional real estate market is calm, cool and active, according to a report by the Greater Capital Association of Realtors.

Nationally, residential real estate in 2017 has continued to provide a relative sense of calm for both buyers and sellers, the association said in a press release.

With a national unemployment rate of 4.1 percent in October, joblessness has not been this low in the U.S. since December 2000. Ac- cording to the labor department’s latest numbers, the Capital Region fared well with the addition of more than 2,000 jobs in 2017.

Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has hovered around 6 percent.

These factors help to keep the pool of potential buyers full, even during the off-season of home sales.

“We expect the low mortgage rates to remain stable through the coming season. If the weather cooperates, sales could continue the steady pace we’ve seen through- out 2017,” Greater Capital Association of Realtors representative Joel Koval said in a news release.

In the Capital Region, pending sales increased 20 percent from October 2016 to 1,081 for the month this year. However, closed sales in that time period decreased three percent, not meeting last year’s mark.

Albany County saw a 13 percent decrease in closed sales last month in comparison to October of 2016, while that number rose by 13 percent in Rensselaer County. In Saratoga County, it stayed about the same, increasing by 1 percent.

The region’s current market is active but that does not always equate to a year- over-year increase, the association noted in the release.

Inventory remains low with the number of homes for sale up by only one percent over this time last year. The inventory levels market-wide decreased by 18 percent to 5,398 units putting pressure on prices which increased the median sales price by six percent to $203,000 and left the percent of original list price received at sale flat at 94.7 percent since last year.

Median residential sales in Rensselaer County were $190,000,

a bit higher at $222,000 in Albany County and most expensive in Saratoga County at $284,000 for October, all increased from this time last year.

Greater Capital Association of Realtors CEO Laura Burns said affordability could be impacted by the tax changes currently under discussion in the Senate. “Depending on what elements are approved in the current tax reform proposal, homeowners in the Capital Region could be Affected,” she said. “Real estate industry activity is a leading economic indicator in this country. The Realtors throughout our region and beyond are monitoring the debate in D.C. very closely.”