New monthly data from the New York State Association of Realtors shows that sales of existing homes fell in February to their lowest point in nearly a decade.
They were down 34% compared to February of 2022. Housing sales in Monroe County also fell, but not quite as steeply. They were down about 18% locally.
Mike O’Connor is the President of the Greater Rochester Association of Realtors. He said the lack of available homes is the main reason for the lower sales, although he said there are still a lot of prospective homebuyers out there.
“The demand is still very high, the interest rates don't seem to have curtailed activity whatsoever, they have come down a bit from where they were, they were up around 7%,” said O’Connor. “And now they're approximately in the mid six-and-a-half percent range. So far, the interest rates have not affected the real estate market here.”
O’Connor noted that a number of homes are being sold to buyers who are willing to forego a home inspection, although that’s not something he advises.
“Especially in an older home where in many homes, you can't tell visibly what might be wrong with the home and home inspections are still the best way to put yourself at ease as a buyer,” said O’Connor. Unfortunately, when there are multiple offers on the table, it does put the buyer at a disadvantage.”
The latest numbers on the median sales price of a home in Monroe County shows an 8% compared to a year ago. O’Connor said the prices for homes locally have been steadily increasing but not at the pace that was happening a year ago.
