The latest numbers on home sales in the Rochester area show the continuation of the trend that’s been going on for months now, with prices continuing to rise, which is benefitting sellers.
But the president of the Greater Rochester Association of Realtors, Lanie Bittner, said that with the impact of higher mortgage rates and higher inflation overall, it may have slowed down the frenzy in home buying that’s been going on for more than a year now.
“Buyers are still buying, there are still houses where people are competing and houses are selling for well over list price,” said Bittner. “But it’s shifted in the fact that not every house is doing that. A year ago you were seeing almost every house, if not all houses, sell with multiple offers, sell for well over list.”
The latest numbers for the first 6 months of this year in the Rochester area show that home sales were down nearly 8.8% compared to the same period last year. But the median sales price of a home was up 10.5% to $191,000.
The inventory of available homes continues to put pressure on home sales. Although in its press release, the Realtors’ Association said that the region “is seeing a steady flow of houses coming on the market for sale with new listings down just 3.4% year-to-date.”
Bittner said that the inflationary increases including those rising mortgage rates have slowed down the housing market somewhat.
“Versus a year ago, everybody was like, ‘I’m buying, I’m buying, I need to buy, for whatever reason, I’m buying now.’ “I think buyers are becoming a little more discerning or disciplined in terms of their searches and saying, okay, you know what, maybe I’ll sit it out for a little bit, or I’m only going to buy if what I want to buy is available, and I’m not willing to spend maybe as much as somebody else might have a year ago,” Bittner said.
