The housing statistics for 2014 and the fourth quarter of 2014 have been released. the overall picture is looked at positively even though the numbers are down from 2013.
Lawrence Yun, a NAR Economist, predicted in 2012 that the housing numbers would be up for 2012 and 2013, then down for 2014, and then up for 2015 and 2016. He was spot on so far!
The Great Rochester Area had 9 consecutive quarters in a row from the fourth quarter of 2011 through the fourth of 2013 with an increase compared to the same quarter of the previous year! However the first quarter of 2014 showed an 18% decrease from the first quartor of 2013, This decrease followed by an 8% decrease in the second quarter was too much to make up with remaining two quarters. So we ended the year down as Lawrence Yun had predicted!
Some good news out of the statistics was the median house price stayed flat, so homeowners did not lose any equity in their homes!
My prediction for the first quarter of 2015 is it will have an increase over the first quarter of 2014! we are seeing great activity in the housing market even with our cold temperatres and snow!
For the statistical people, 2014 showed that inventory levels shrank 15%, median price held at $125,000. and inventory supply dropped 17.6% to 4.2 months.
For more information on the Greater Rochester Market, call or email me.
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