Greater Capital Association of Realtors: real estate market shows signs of recovery

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This Feb. 18, 2020, photo shows a real estate sign in front of a home for sale in San Francisco. On Thursday, Feb. 27, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Jeff Chiu)

ALBANY, N.Y. (NEWS10)- The Greater Capital Association of Realtors (GCAR) says there’s evidence the Capital Region real estate market is showing early signs of recuperation. Despite a lack of new listings and pending sales, transactions are increasing with mortgage rates at or below 3.3%.

They say low mortgage rates in the past month, combined with regions now moving into Phase Three will be beneficial for the housing market. They also say in the first two weeks of June there were more than 8,000 home showings in the area.

“With REALTORS® experiencing a high level of buyer interest, transaction safety remains a top-of-mind priority. REALTORS® are using live streams for open houses, virtual tour tools and observance of prescribed social distancing for in-person appointments,” GCAR President, Tom McGroder, of Thomas J. Real Estate.

“It’s evident that as a result of the improved COVID-19 numbers and more relaxed policies, buyers have returned to the market in full force. Builders back on the job sites will help the low inventory in the coming months, but right now the market could use motivated sellers to jump in,” GCAR CEO, Laura Burns.

GCAR says sales in May 2020 were 35% lower than May 2019, pending sales were 23% lower. New listings were down by 39% in May year over year.

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