Buffalo home sales keep lagging

August 6, 2014 Updated Aug 6, 2014 at 9:03 AM EDT

By Business First


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

August 6, 2014 Updated Aug 6, 2014 at 9:03 AM EDT

The overall picture of the Buffalo real estate market remained cloudy in June as single-family home sales dropped 6.3 percent from last year.

And for the first half of 2014 the decline was 5.0 percent, according to updated figures from the Buffalo Niagara Association of Realtors.

The number of transactions during June was 948 compared to 1,012 a year ago. That brought the six-month total to 4,198, down from 4,417 in the same period of 2013.

BNAR's activity review for June 2014 showed:

Median prices dipped 1.9 percent to $127,500 from $130,000.

Average prices were off 5.6 percent to $149,496 from $158,423.

Inventory fell by 7.3 percent with 5,168 homes for sale compared to 5,576 last year.

New listings jumped 15.9 percent to 1,965 from 1,696.

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