Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Area Realtors And Home Builders Optimistic Following Third Quarter Report

freeimages.com/Garo Goodrow

The Greater Rochester Realtors Association says it was a healthy third quarter.

Closings on home sales were up 8.4 percent from a year ago, and there was a 6.7 percent jump in the median sales price of homes in the region to $136,000.

The price increase may be due, at least in part, to demand brought on by a continuing drop in inventory.

In the third quarter, there were 8.3 percent fewer homes for sale in the third quarter compared to 2014.

The realtors' group was expecting a rise in interest rates in September, and now anticipates that happening before the end of the year.

New housing starts are up in Monroe and Ontario Counties since this time last year.

The Rochester Home Builders' Association says there were 650 housing starts through the third quarter, 13 more than the same time last year.

Association CEO Rick Herman says the new housing market made up for a slow start in the first quarter, when the harsh winter weather prevented builders from starting construction on new homes. 

This year, Herman said, they are feeling more confident about the economy.                   

"And they're pulling the trigger and saying 'I'll start a spec; I'll put a basement in now; I'll start framing now', with the hope that they'll only have to pull out during the heart of the winter and finish the rest (in the spring). "

There were 96 more new home permits (273) in Ontario County for the year so far compared to 2014, but 20 fewer (18) in Wayne County.

Beth Adams joined WXXI as host of Morning Edition in 2012 after a more than two-decade radio career. She was the longtime host of the WHAM Morning News in Rochester. Her career also took her from radio stations in Elmira, New York, to Miami, Florida.