GRAR Releases 3rd Quarter Residential Housing Statistics
In this report from the Greater Rochester Association of Realtors - The Greater Rochester Association of REALTORS® Releases 3rd Quarter Residential
Housing Statistics
Third Quarter statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), show the local housing market continues to stabilize as sales rose 7 percent and median home prices increased by 8 percent over the same period last year. There were 3,084 closings for the 2012 quarter, compared to 2,887 in 2011. Year-over-year home values climbed from $123,000 to $133,000.
There were 4,714 homes on the market, a decline of 4 percent as compared to 4,926 in the year-ago quarter. "New listings tend to slow down as the seasons turn. The drop in inventory indicates more of a balance between buyers and sellers, supporting sustained price growth, according to GRAR President, Steve Babbitt.
The neighboring counties of Genesee, Livingston and Orleans all reported double-digit increases in the number of closings compared to last year's same quarter, at 45.2 percent, 21.1 percent and 21.3 percent, respectively, mirroring the rest of the region.
"Past economic recoveries have been spurred by the real estate industry and the current trends hold true to that," CEO Jim Yockel said." "Last week,the Federal Reserve announced that a stronger housing market furthered the economic improvement,he continued." The agency intends to capitalize on the recent conditions by maintaining low short-term interest rates and buying mortgage bonds to lower longer-term rates.
The steady growth in year-to-date pending sales and median sale prices is expected to continue into the fourth quarter. Loosening the tight restrictions to mortgage lending would further the economic recovery by creating new jobs in related trades and services as well," Babbitt added, referencing a recent National Association of Realtors® study. "It is important for potential buyers to know that with good affordability conditions and low mortgage rates, there couldn't be a better time to take advantage of the strengthening market."
GRAR continues to support the local residential real estate industry by promoting the benefits of home ownership and using the services of a REALTOR® when buying and selling a home.
For statistic report for each town in Monroe Coutny and surrounding area click on the link below:
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