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Region's home sales climb 11.5 percent in Q3

Rochester Business Journal
October 18, 2013

Area home sales were up 11.5 percent in the third quarter compared with a year ago, the Greater Rochester Association of Realtors Inc. reported Friday. The median sale price was stable at $133,000, up from $132,000.
 
Home sales totaled 3,572 in the third quarter, up from 3,205 a year ago. Sales were up 16.5 percent from the second quarter, reports Genesee Regional Real Estate Information Services Inc., the information subsidiary of GRAR.

New home listings in the region increased 7.4 percent in the third quarter to 5,450, compared with a year ago, and pending sales rose 0.7 percent to 2,806.

The city of Rochester posted 349 closings up 9.1 percent. The median sales price in the city rose 2.2 percent to $87,900.

The biggest riser was Riga-Churchville, where closings jumped 111.1 percent. East Rochester closings were up 71.4 percent. The Sweden-Brockport area saw sales drop 20.6 percent and Perinton-Fairport was down 11.1 percent from the previous year.

Closings were up 11.1 percent in Monroe County; up 24.4 percent in Genesee County; up 15.5 percent in Ontario County and up 15.4 percent in Wayne County. Closings fell 3.6 percent in Livingston County.

 “We’re hoping that despite the current federal fiscal environment, Rochester’s housing market will continue to remain positive throughout the fall,” said Steve Babbitt, president of the GRAR board of directors, in a statement. “It looks as if this will be the case.”

The Rochester Home Builders’ Association also released its third-quarter building permit report. The results indicated a slight slowdown over the period, officials said.

New home building permits in Monroe, Ontario and Wayne counties combined grew 2 percent in the first half—driven by strong growth in Ontario County,

Monroe County led the area with 555 single and multifamily building permits issued, but that was down from 687 a year ago. The towns of Greece, Henrietta, Penfield and issued the most permits during this year’s quarter in the county.
 
Ontario County saw growth—up 90 percent—as it reported 299 permits, compared with 157 permits a year ago. Farmington—the most in the three-county area—with 146 permits and Victor with 67 permits saw the most activity.

Wayne County was down 10 percent, with 44 permits filed, compared with 49 a year ago.

“The local real estate market has been, and still is, extremely solid,” said Rick Herman, CEO of the Rochester Home Builders’ Association, in a statement. “Consumers are ready to make the move; it’s just taking longer to sign on the dotted line.”

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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