WXXI AM News

Strong 2nd Quarter for Housing Market

Jul 21, 2016

House for sale at Homearama underway in Pittsford
Credit Alex Crichton

The second quarter was good for both home buyers and sellers in Monroe County.

That's according to the president of the Greater Rochester Association of Realtors, Toni Connors.

She says while listings fell nearly 20 percent, sales increased by 9.6 percent in the quarter and the median sales price inched down to just under $133,500.

"It's a 1.1 percent decrease, but last quarter was so busy, there were so many sales, and I think that affected the whole market," she said. "Again (the quarter) was very good.  The listings are still short, however the sale prices have really maintained."

Kim Chizuk, Mortgage Bankers Association, Toni Connors GRAR, and Rick Herman, RHBA talk second quarter stats

Connors says rates are still down, giving buyers the opportunity to buy a home a little higher in price.

And with the low inventory, sellers have the opportunity to put their home on the market with less competition.

She says the market remains strong, and the summer months are typically the busiest of the year.

All this also means a busy time for new construction as well, according to the executive vice president of the Rochester Homebuilders Association, Rick Herman.

"With interest rates, with the existing inventory being so low, more and more people are looking at new homes," he said.

Herman adds the Rochester and Finger Lakes markets are extremely strong when it comes to new home construction.