Buffalo Housing Market Heated Up in August

October 8, 2012 Updated Oct 8, 2012 at 7:23 AM EDT

By WKBW News
By Business First

...
October 8, 2012 Updated Oct 8, 2012 at 7:23 AM EDT

BUFFALO, NY (WKBW) - There was good news in most every category when it comes to tracking the Buffalo Niagara residential real estate market in August.

Most notably, sales and prices rose and inventory declined, the Buffalo Niagara Association of Realtors reported Friday.

Transactions increased 13.1 percent to 1,079 for August compared to 954 for the same month a year ago. For the year, sales have climbed 9.1 percent (6,137 to 5,623) compared to the first eight months of 2011.

Median prices for single-family homes reached $128,750, up 7.3 percent from $120,000 last year. Average prices topped $150,000, an 8.4 percent jump year-over-year - $150,663 from $138,939.

The number of homes for sale fell by 16.2 percent to 5,871 from 7,007 while new listings dropped 9.2 percent to 1,525 fro 1,679.

BNAR also noted that the days on market for homes fell 15.3 percent to 61 from 72.

Additional details can be found at www.bnar.org.

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