The housing marketplace in the Buffalo area continued to trend higher in September as sales jumped nearly 24 percent, taking prices higher amid lower inventory.
There were just under 1,000 single-family home sales for the month - 988 - according to figures released by the Buffalo Niagara Association of Realtors. That represented a 23.7 percent hike from a year ago, when 799 transactions were completed.
Median prices rose 4 percent to $130,000 and average prices increased 6.4 percent $154,771. In September 2012, the median price was $125,000 and the average price was $145,425, BNAR said.
Other indicators within the market were favorable. Days on market dropped 10.9 percent to 57 from 64 days a year ago. Inventory declined 14.5 percent to 5,268 from 6,165 while new listings rose 7.8 percent to 1,400 from 1,299.
BNAR figures revealed that through the first three quarters of the year, closed sales were up 9.8 percent to 7,698 from 7,014. Median prices are 4 percent ahead of the same period last year - $125,000 from $120,150. Average prices are up 4.1 percent for the first nine months of 2013 - $149,259 compared to $143,388.