Economy
11:07 am
Fri October 18, 2013

Local Home Sales Rise 11.5 Percent

Credit www.teamgalt.com

The latest numbers on home sales in this area show a double digit increase compared to last year at this time.

The Greater Rochester Association of Realtors says that sales of existing homes rose eleven and a half percent in the third quarter compared to the third quarter of 2012.

Association President Steve Babbitt says it's been a steady climb in local home sales from the earlier dip in the market.

"I think it's just slowly building consumer confidence, the rates, fortunately for us have stayed low, and I think the properties have started to sell for a little bit more."

Babbitt says another factor may be prospective home buyers jumping into the market because they want to lock in mortgage rates which have started to tick up a bit.

In terms of new home construction, sales in Monroe, Ontario and Wayne Counties for the first nine months of this year are up two percent over last year.

Rick Herman, CEO of the Rochester Home Builders Association, says this market has generally been a stable one.

"People are confident of our markets the real estate market in Rochester is the old ‘Steady-Eddie,’ so they're very confident in the market, but they're taking a much longer time making a decision.”

Herman says that there has been a rise in the number of people remodeling their homes, often because they are trying to get them ready for possible sale.