Housing market steady, growing in the Capital Region - NEWS10 ABC: Albany, New York News, Weather, Sports

Housing market steady, growing in the Capital Region


LATHAM, N.Y. -- At a Manchester home development in Latham where new houses are being built, a local builder says the housing market is steady.

Troy Miller says more people are buying new homes in the Capital Region compared to five years ago. He's currently building a senior condominium complex in Voorheesville -- a project he previously had to put on hold. 

"We've just been waiting for the market to recover to start this second phase which we are doing right now," said Miller.

He says the demand for new houses has been going up and says it's a sign the economy is recovering and people are regaining confidence to spend.

Pam Krison, the Executive Officer of the Capital Region Builders and Remodelers Association says people can afford new construction and get what they want.

"Many of the folks who could not afford a new home or lost their job and were in foreclosure had to rent," she said.

This is positive news for Miller and his business, he says his company is back to work creating more jobs. He says he just purchased new property to build more houses.

"We already have 70 percent of the lot sold. That wouldn't happen 3 or 4 years ago," he said.

Local Realtor Chris McCabe says the Capital Region has seen about a 38 percent increase compared to last year, and he believes that number will continue to increase, with new job opportunities coming to our area.

"The increased jobs with Global Foundries and Nanotech seem to keep this area remaining strong," said McCabe.

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