The most recent statistics for the Henrietta, Mendon and Pittsford, NY areas has just recently become available. It points to a relative stable area of the country and may show that a bottom has been reached here. Overall, the Rochester, NY median sales prices of existing homes on a year-to-year basis ('07-'08) show a decline of -0.8%, over a 5 year period ('03-'08) a gain of 17.7%.
In Henrietta, NY this is a one year decline of -3.8%, in Mendon, NY a gain of 2.7% and in Pittsford, NY, a decline of -3.9%. Median sales prices for these areas are $125k, $241k and $248k, respectively. NAR's report by zipcode shows a balanced market, rated 3 on a scale of 1-5.
Activity has increased in these areas, a busy Spring market is underway and the $8k tax credit is having an effect, numbers will be forthcoming in the next couple of months.