New numbers out from the Greater Rochester Association of Realtors show that sales of existing homes were up sharply in the third quarter compared to the second quarter, but down compared to last year at this time.
Sales were up nearly 16 percent from the second quarter, but down six percent compared to the same quarter last year.
The president of the association, Andy Burke, says that one factor impacting sales is a relatively low inventory of existing homes. He also says that homeowners are staying in their homes longer.
"The third quarter for this year was actually the second-best quarterly performance that we've seen in the market since 2010. And in 2010, the strength of the market was really driven by the federal government's first-time home buyer tax credits. So, we see this as having been a very strong quarter,” Burke told WXXI News.
Median home prices in the region were down three percent in the third quarter compared to the same quarter last year. But association officials say overall, they continue to see a positive trend in pending home sales and new listings.
In terms of sales of new homes, the Rochester Home Builders Association showed a slight decrease in the sales of single family homes, down about two percent compared to last year.
The CEO of the Home Builders Association, Rick Herman, says that the numbers are similar to what officials have been nationally. He says the building industry is stronger than last year, but has not taken off like many economists thought it would.
But association officials also say with inventory of existing homes being low, some home buyers are increasingly looking at new construction as an option.
