Weekly Real Estate News
Summary
Albany-area pending sales rose 9.8% year over year to 1,060 in September, versus a 5.4% New York state decline and an 11.3% national decline. Local supply stood at 2.9 months, the median sales price reached $360,000 and the affordability index fell to 83. Figures come from different reporting geographies and sources.
Albany-area homebuyers signed more purchase contracts in September even as pending sales fell sharply across New York state and the country. The divergence is unusually pronounced: accepted contracts rose 9.8% from a year earlier in the Capital Region, while statewide pending sales declined 5.4% and the national measure dropped 11.3%.
The Greater Capital Association of Realtors’ September report, compiled from Global MLS data and current as of October 7, counted 1,060 accepted contracts, compared with 965 a year earlier. The association also reported 1,328 new listings, up 3%, and 2,590 homes available at month’s end, an increase of just 1.4%.
The region’s 9.8% gain follows an August decline of 7.4% in accepted contracts. That reversal matters when interpreting the latest month: year-to-date pending sales were up only 0.8%, to 8,419. One strong month does not establish a sustained acceleration in buyer demand, particularly as financing costs have risen since many September contracts were negotiated.
The New York State Association of Realtors counted 9,091 pending sales statewide in September, down from 9,614 a year earlier. Statewide inventory climbed 9.8% to 35,294 listings and the median sales price reached $450,000, up 5.9%. The Albany region’s median was $360,000, also up 5.9%, making the local median $90,000 below the statewide figure.
Nationally, the National Association of Realtors reported a 7.3% monthly fall and an 11.3% annual decline in September contracts. The comparison with Albany is based on the annual changes, not the national month-to-month decline. The reports also use different geographic coverage and underlying datasets, so their percentage changes are useful directional comparisons rather than components of one directly reconciled series.
Local supply helps explain why buyers can still compete in parts of the Capital Region. GCAR reported 2.9 months of inventory, unchanged from September 2025. Its measure divides active inventory by average monthly pending sales over the preceding year. A market with fewer than three months of supply offers a very different negotiating environment from a market where listings accumulate faster than buyers appear.
The same report complicates any claim that Albany buyers have escaped the affordability squeeze. The association’s housing affordability index fell to 83 from 94 a year earlier, a decline of 11.7%. The index compares median household income with the income required to qualify for the median-priced home at prevailing rates. A reading below 100 indicates that the median income falls short of the amount needed under the index’s assumptions.
Prices and closed transactions point in different directions. September’s median sales price climbed from $340,000 to $360,000, while completed sales slipped 2.3% to 1,043. Properties spent an average of 26 days on the market before an accepted offer, down from 28 days a year earlier. Sellers received an average 99.1% of original asking prices, compared with 99.5% in September 2025; that measure does not account for concessions.
The difference between contracts and closings also requires care. Pending sales register accepted offers; closed sales reflect deals negotiated weeks earlier and can be affected by financing, inspections or failed transactions. September’s increase in pending contracts therefore does not guarantee an equivalent increase in October or November closings.
The latest numbers arrive after mortgage rates climbed above 7% in late September. GCAR’s report cites the national 30-year average rising from 6.67% in August to 7.03% in the week of September 24. The national pending-sales release similarly identifies rapidly rising mortgage costs as a major drag on demand. Neither source provides transaction-level evidence that the rate increase caused Albany’s month-to-month pattern.
For mortgage lenders and brokerages operating in upstate New York, the regional data argue against treating a national slowdown as a uniform local forecast. Contract activity in Albany improved in September, but limited supply and a deteriorating affordability index leave the market vulnerable to further rate increases. The next test is whether October contracts hold up and how many September agreements reach closing.
The Capital Region figures cover Global MLS markets included in GCAR’s monthly indicators. New York statewide statistics aggregate participating multiple listing services, while the national index uses a broader contract-signing measure. All three sets can be revised as additional transactions are recorded.
