The local realtors association says it saw a solid year of home sales last year, in the latest numbers just released on Thursday. The main issue is still the availability of existing homes on the market.
The number of homes sold in the Rochester market was up nearly eight percent last year compared to the year before. And if you take into account the Finger Lakes and Southern Tier regions as well, sales were up more than 19 percent.
Linda Wilson is President of the Greater Rochester Association of Realtors. She says sales were up strongly in the city of Rochester, helped in part by various types of incentives for people who are trying to buy their first house.
“You’ve got a lot of first time homebuyer programs, and it’s not just education, they help with the financing because you get these first time homebuyer clubs, the city gives you grants, Neighborhood Works, gives you grants.”
Wilson says the challenge continues to be inventory. The number of existing homes for sale in the Rochester metro were down about 33 percent last year compared to 2015. The median sales price in the Rochester area was up 1.4 percent.
Rick Herman is CEO of the Rochester Home Builders Association. He says sales of new homes were down slightly in Monroe County last year, but up in Ontario and Wayne Counties. Herman says with fewer existing homes on the market, more first-time homebuyers are considering looking at new home construction.
“The low inventory in existing housing makes it more affordable and makes it more of an idea that folks can go to a new home. For years, people would just ride around and look at existing homes, now they’re looking at a new home as an option.”
Both Herman and Wilson says the local housing market continues to benefit from relatively low mortgage rates.
