Home sales for the Greater Rochester and Finger Lakes region were up 8 percent in the Third Quarter compared to the same time last year, and up 22 percent compared to the Second Quarter sales total, according to statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR). The median sales price increased 3 percent from the Second Quarter for the 11-county region.
“The jump in Third Quarter sales following an unusually slow Second Quarter continues to show uneven recovery in the housing market,” said Carolyn Stiffler, president of the GRAR Board of Directors. “These Third Quarter numbers need to be seen in the context of the post federal tax-credit hangover last year and a weak Second Quarter market this year.”
“Historically low interest rates and strong affordability conditions should be enticing to consumers,” said Stiffler, “but with dismal economic news and slow job growth buyer enthusiasm remains greatly tempered. We anticipate the market to remain in an uneven recovery.”
Area REALTORS® sold 2,887 existing single-family homes in the Third Quarter, an increase of 8 percent from the 2010 Third Quarter total of 2,664. The 2011 Third Quarter sales total is also an increase of 22 percent compared to the 2011 Second Quarter total of 2,371.
The Third Quarter median sales price of $123,000 represents an increase of 3 percent compared to the Second Quarter median sales price of $120,000 and a slight increase of 0.4 percent compared to the 2010 Third Quarter median sales price of $122,500.
