Housing sales off 5 percent in July

But average home prices rose in 11-county area

Sales of single-family homes in the Capital Region fell 5 percent in July from year-earlier levels.

So far this year they’re down 8 percent.

But prices rose, with the average price up 4 percent in July to $255,036 and the median price, at which half the homes cost more and half less, was up 6 percent to $224,750.

The data cover an 11-county region the includes the Albanyschenectady-troy metropolitan area.

The inventory of homes for sale remains tight, real estate brokers say.

“Demand is high for mid-tolower priced homes but we have insufficient supply, which is pushing the prices up,” said Jay Christiana, president of the Greater Capital Association of Realtors. “Low inventory not only impacts existing home prices but also new construction.”

The median cost of a newly constructed home rose 8 percent to $412,444, the association reported. Yet new homes were spending a relatively short 60 to 70 days on the market, the association said.

Albany County showed a 2 percent upward tick in completed sales, while Rensselaer County sales fell 14 percent from July 2018, Saratoga County sales were off 6 percent, and Schenectady County sales were off 2 percent.

In all four counties, the median sale price climbed, up 6 percent to $244,950 in Albany County, 4 percent in Rensselaer County to $196,500, 3 percent in Saratoga County to $318,450, and up 6 percent in Schenectady County to $190,000.