It seems like the national headlines this week have had nothing but bad news when it comes to the real estate market. Homes prices are down, foreclosures are up. What does this mean for us? Not much. While the National Association of Realtors reports a 6.7% drop in median home values in June, compared to June of 2007, we saw last week in the Second Quarter Report that median home prices in Saratoga County fell less than 1%, which is a statistically insignificant amount.
We are lucky to be living in a market which continues to remain largely immune to the problems faced elsewhere throughout the nation.
Now does that look like a housing slump to you? My hope is that this chart will dispel any anxiety that Capital Region readers may be feeling about their housing situation.
The careful reader may have noticed that this graph displays mean prices, whereas median is usually the preferred metric. This is because the mean data was readily available and the median data was not. For purposes of showing the direction of the market, the difference is negligible.
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