The Greater Rochester housing market saw an increase in New Listings of 2.7 percent in the month of April compared to one year ago. The rise last month was the first in six months for the region which has mimicked the nationwide trend.
With fewer homes for sale in recent months, Pending Sales and Closed Sales were both down in April by 6.9 percent and 19.2 percent, respectively. The Median Sales Price continued its upward trend rising by 11.3 percent to $138,000 from $124,000 in April 2017.
Some local markets of note include Chili with increases in Homes for Sale (+16.11%), New Listings (+9.5%), and Closed Sales (+18.2%). Closed Sales were also up in Parma/Hilton, Sweden/Brockport, and Victor. The rise in New Listings was led by Canandaigua (+85.2%), Parma/Hilton (+33.3%), Ogden/Spencerport (+31.8%), Penfield (+22.2%), East Rochester (+22.2%), Gates (17.8%), and Pittsford (+11.7%) along with the counties of Steuben (+25%), Orleans (+21.8%), Genesee (+19.6%), Seneca (+11.1%), and Wyoming (+6.5%).
The overall economy continues to favor the housing market with wages and consumer spending up. Mortgage rates, although still historically low, have begun to creep upward. This, together with low inventory levels, likely contributes to the willingness of buyers to pay more before rates further climb.
This information is compiled by the Greater Rochester Association of Realtors.