November A Strong Month For Home Sales

January 7, 2013 Updated Oct 13, 2013 at 11:41 PM EDT

By WKBW News

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Real Estate "sold" sign with red brick building and trees blurry in the background

January 7, 2013 Updated Oct 13, 2013 at 11:41 PM EDT

BUFFALO, NY (Business First) - The Buffalo Niagara real estate market produced gains in both sales and prices in November.

There were 766 closed transactions in the month, up 5.9 percent from 723 the previous year.

Median prices climbed 12.9 percent to $126,000 compared to $111,563 year-over-year. Average prices jumped 17.7 percent to $155,247 from $131,914 in November 2011.

Inventory declined 16.8 percent with 5,126 single-family homes on the market compared to 6,160 last year.