Cold December a blip on Buffalo housing market

February 12, 2014 Updated Feb 12, 2014 at 9:15 AM EDT

By Business First

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Cold December a blip on Buffalo housing market

February 12, 2014 Updated Feb 12, 2014 at 9:15 AM EDT

A sales slump in the final month was the only downside to the Buffalo Niagara housing market in 2013.

The number of single-family homes sold in December fell 2.5 percent to 790 compared with 798 for the same month in 2012, the Buffalo Niagara Association of Realtors reported.

Monthly median prices dropped 4.1 percent to $118,860 from $124,000 but the average price rose 1.6 percent to $144,355 from $142,132.

Inventory for the month was down 11.3 percent to 4,330 from 4,879.

The December slow down was the only month last year that did not result in a year-over-year sales increase, BNAR figures show.

Overall sales rose 9.6 percent to 10,486 from 9,564, the lead indicator in a solid year for the local housing market. In broad numbers, the hottest month was August with 1,117 transactions while September had the largest percentage rise at 27.7 percent.

Full-year median and average prices increased 2.5 percent and 2.8 percent, respectively. The median price in the Buffalo area climbed to $124,000 from $121,000; average prices were up to $147,924 from $143,847. The percent of the price listed was 95.4, up 0.4 percent from 2012.

The sales pace was quicker, too with the days on the market down 12.2 percent to 65 from 74.

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