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September a 10-year high for home sales in the US

Posted: 6:06 PM, Oct 25, 2017
Updated: 2017-10-26 06:49:17-04
September a 10-year high for US home sales
September a 10-year high for US home sales

The Department of Commerce released a report on Wednesday that showed new home sales were up almost 19% in September. 

In Western New York real estate has been experiencing a "boom" for almost two years. According to Red Door Real Estate owner Renee Moran it is much better than what is going on nationally. 

"We're (Western New York) moving faster than the national average." Moran said, "We've gone in the last seven years from an average sale price of $110,000 to $150,000."

With prices being driven up by a lack of supply it has become a sellers market and buyers need to be prepared. 

"Come ready for your battle. We're telling our buyers that ths is almost a war they are entering."

The areas that are seeing the greatest increase in value are ones that are similar to the Elmwood Village. Those types of areas have real estate that is so high many buyers are being priced out. When they are priced out, those homebuyers look to areas that are close and thus lead to a gentrification of a neighborhood that may not have improved otherwise. 

Red Door Real Estate is expecting this trend to continue in a positive direction.