Existing home prices fell in Albany, nationally in 1Q

Albany-Schenectady-Troy was one of 100 metropolitan statistical areas in the U.S. where median prices on existing homes declined in the first quarter of 2008, according to the National Association of Realtors.

The median price for existing single-family homes during the first three months of the year was $194,100, compared to $201,800 during the first quarter of 2007, a 3.8 percent decline.

Only 48 of 149 MSAs in the country, or about one-third, had an increase in median prices during the quarter. The biggest increase in the U.S. was in Binghamton, where prices rose 11.8 percent, to $109,700.

Content Continues Below

Following Binghamton, the strongest rates of increase in the Northeast were in Elmira (up 9.6 percent to $82,500) and Glens Falls (up 7.7 percent, to $163,100).

Nationally, the median price for an existing single-family home fell 7.7 percent in the first quarter, to $196,300. The median is the halfway point between the highest and lowest price.

The nationwide median is being dragged down by a proportionately bigger slowdown in high-cost markets, the NAR said.

"These are highly unusual results because there were very few jumbo loan originations in the latest quarter, so sales are much slower in high-cost areas, and at the same time foreclosures related to subprime mortgages rose," said Lawrence Yun, chief economist at NAR. "Neighborhoods with little subprime exposure are holding on very well, while prices have fallen in neighborhoods with a wide prevalence of subprime loans because more foreclosed properties are being sold at discounted prices."

The first-quarter results reported by the NAR differ from the numbers released by the Greater Capital Association of Realtors in April. That's because the NAR counts sales in the five-county Albany-Schenectady-Troy MSA, while GCAR covers an 11-county area.

Also, the GCAR results include sales of existing and new homes, while the NAR is just existing homes.

According to GCAR, the median sales price in the Albany region increased 3 percent in the first quarter, to $190,000.