Housing Market Balancing Out Across Region

May 25, 2012

The residential real estate market in upstate New York is showing some promising signs. Hudson Valley Bureau Chief Dave Lucas reports…

The burst of the so-called "housing bubble" in late 2007 sent the real estate market into a spin... a new batch of numbers is leading industry insiders to believe that things are turning around... according to  the National Association of Realtors, sales of existing homes rose in April and remain above a year ago, while home prices continue to rise.

Statistics released this week by the Greater Capital Association of REALTORS®, which covers 11 counties, from Warren in the North Country down through Albany into Schoharie, Greene and Columbia ... the residential real estate market in New York’s Capital Region is showing increased activity and price appreciation which indicate movement towards a more balanced market. The figures show completed sales of homes increased 24 percent in April in the Albany area, while pending sales rose 16 percent.

The same holds true farther down the Hudson Valley: Gary Leogrande is with the recently formed Hudson Gateway Association of REALTORS®, which includes Orange, Westchester, Putnam and Rockland Counties. He says explains a "seasonality component" that has kicked in.

The National Association of Realtors is waxing a bit more on the side of optimism: its chief economist Lawrence Yun proclaims the housing recovery "underway" - he agrees the market has shifted from one that favored buyers to one that is more balanced.