|PRINT | CLOSE WINDOW|
Area home sales increased more than 9 percent in the fourth quarter compared with a year ago, the Greater Rochester Association of Realtors Inc. reported Friday. The median sale price rose 1.5 percent to $125,900 from $124,000.
For the year, home sales rose 8 percent to 10,003 versus 9,261 in 2011. The median sale price increased 4.2 percent to $125,000 in 2012, compared with $120,000 the year before.
Closings for the fourth quarter totaled 2,453, compared with 2,243 last year, according to Genesee Regional Real Estate Information Services Inc., the information subsidiary of GRAR.
There were 3,094 homes on the market, compared with 3,293 in the year-ago quarter.
The city of Rochester posted a 3.8 percent upturn in sales, compared to last year’s fourth quarter, and property values gained across the region, the agency reported. Surrounding counties logged higher median prices over the same, with Ontario County posting a 3.4 percent gain to $149,900 and Wayne County seeing an 11.1 percent increase to $120,000.
“Continued low mortgage rates and an overall strengthening of the economy helped the housing market improve all of last year,” GRAR CEO Jim Yockel said, in a statement. “This was also the sixth consecutive quarter of increasing prices, and it looks as though the pattern will continue for the next few months, at least.”
New home permits jumped 20 percent year-over-year, the Rochester Home Builders’ Association reported.
Monroe County led the area with 846 building permits issued, with the towns of Greece, Penfield and Henrietta issuing the most permits. Ontario County reported 254 permits, with Farmington, Victor and Canandaigua being the most active towns. Wayne County was the only area that showed a slight decrease in new home construction.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail email@example.com.