New numbers are out for local home sales, and they show it continues to be a seller's market. That's because of the low inventory of existing homes, which is helping to push prices up.
For the third quarter, sales in Monroe County were down 2.4% compared to a year ago. But for the region overall, sales in September were down 18 % compared to last year.
The median sales price in September was up 6% to $142,000 compared to a year ago. New listings for the Rochester region in September were down 6.7%.
Linda Wilson is president of the local realtors association, and she says people still want to buy homes, but the inventory of existing homes is not keeping pace.
“There’s still a demand for housing, however the housing stock is low and that’s probably why the closings are still low because there’s not that many houses out there for sale. The good part is the house prices, the median price did go up,” Wilson told WXXI News.
Wilson says in some cases, homeowners may either be renovating their homes, or looking at purchasing new homes.
"They’re either staying where they are and reconfiguring the house and some of them are actually having houses built. However, there’s not as many drywallers and (other workers) like electricians so they usually wait for their houses but some of them are actually having houses built."
In terms of new home construction, officials at the Rochester Home Builders Association have said that one issue they are dealing with is a shortage of available workers in the home construction industry.
Wilson does say that some realtors do see early signs of a more balanced market in terms of housing supply and demand.
And she says despite the fact we're heading toward the colder seasons, she still expects home buyers to be out there.
“I still believe there will be demand and houses will still come on the market because in the wintertime you have the more serious buyers and you’ll have less competition, so the wintertime is still a great time.”
