Home prices rise, other indicators fall in August

Average price higher, though results vary widely by county

The supply of single-family homes on the market continued to shrink in August and prices rose, the Greater Capital Association of Realtors reported Monday.

Inventory levels fell 13.8 percent from year-earlier levels, with new listings down 6 percent from a year ago.

But pending sales also fell, down 3 percent, while completed sales fell 2 percent. The figures cover an 11-county area that includes the Capital Region.

The average sale price was $251,775 in August, up 3 percent from a year ago. The median price, at which half the homes sold for more and half for less, rose 4 percent to $223,950.

Results varied widely by county, with closed sales falling 3 percent in Albany County and 2 percent in Saratoga County. They tumbled 14 percent in Schenectady County but jumped 22 percent in Rensselaer County.

The most expensive sales were in Saratoga County, where the median sale price was up 5 percent to $304,045. In Albany County, the median price rose 5 percent to $230,500, while in Rensselaer County, it edged up 1 percent to $199,900. Schenectady County’s median price was up 4 percent to $172,900.

Lawrence Yun, chief economist for the National Association of Realtors, said new home construction wasn’t “keeping up to satisfy demand.” A larger supply of moderately priced entry-level homes would likely boost sales, he added in a statement included with the local association’s report.

The economy, while strong, is facing growing headwinds. The Federal Reserve was expected to raise interest rates, while new tariffs on Chinese imports were scheduled to take effect Monday.

Reports that Deputy Attorney General Rod Rosenstein would resign also helped push the Dow Jones industrial average down 181 points. Oil prices were near a four-year high, with Brent crude topping $80.

And the state Labor Department reported last week that the Capital Region was one of only two metro areas statewide to have lost jobs over the past year. Local unemployment rates for August, meanwhile, will be released Tuesday.