Buffalo housing sales up 17.2% in May

July 9, 2012 Updated Jul 9, 2012 at 7:15 AM EDT

By WKBW News
By Business First

July 9, 2012 Updated Jul 9, 2012 at 7:15 AM EDT

The Buffalo Niagara Association of Realtors offered this summation of its most recent housing market report: May looked pretty good all around.

Sales were up sharply, median prices increased and inventory was lighter, the trade group said.

Among the highlights from BNAR's May roundup:

Year-over-year sales of single-family homes climbed 17.2 percent to 812 compared to 693 in May 2011. Through the first five months of the year, sales have risen 10.8 percent to 3,170 from the same period a year ago.
Median prices were up 3.3 percent to $118,000 from $114,500 while average prices improved 1.3 percent to $137,151 from $135,455.
New listings dropped 6.7 percent in the past year to 1,784 from 1,912.
Inventory shrank 11.7 percent to 5,541 units.

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