WXXI AM News

Local home sales decline with continued tight inventory

Apr 20, 2017

The latest quarterly numbers out on sales of existing homes in the Rochester area show a decline in sales, but an increase in home prices.

According to the Greater Rochester Association of Realtors, the number of home sales in the first quarter was down seven percent compared to a year ago.

But the median sales price for a home was up nearly 8.8percent.

The president of the association, Linda Wilson, says this is really the function of just not enough homes on the market to meet demand.

“The inventory is low, we’re seeing a lot of multi-offers, properties don’t last long at all; it’s actually kind of hard for a buyer,  it’s obviously a sellers’ market,  but the low inventory is  not just Rochester, it’s actually, I believe, throughout the United States,” she told WXXI News.

But Wilson says if you’re thinking of buying a home, start looking sooner rather than later since interest rates are creeping up.

The number of new listings coming onto the market in the first quarter in the Rochester area was down more than 12 percent compared to a year ago.