Local home prices rise and inventory is still an issue

The local housing market continues to favor sellers rather than buyers. But a local expert says things may be shifting just a bit.

The Greater Rochester Association of Realtors has released numbers on home sales for Monroe County from January through May.

And one trend that is continuing…home prices are still rising, up 9.6% compared to the same period last year, with a median sales price of $234,000.

And the Realtors Association President Mike O’Connor said that many homes don’t stay on the market long, with a house that goes up for sale in Monroe County generally only out there for about seven days.

“Typically the houses that make it past that, past a week or so, it’s either because they’re overpriced or they’re poor condition, or perhaps they did receive an offer, and the buyer for whatever reason, walked away,” said O’Connor.

O’Connor said for homebuyers, it’s still a challenge out there, finding a house they want and that they can afford to buy.

“We still need more inventory, much more than what we have, to accommodate the number of buyers that are out there,” said O’Connor, who did note that there has been a “slight” increase in local home inventory.

O’Connor also said that it did not appear that rising interest rates have deterred local homebuyers, and in fact, the latest numbers showed a home in Monroe County sold for nearly 117% over the list price.

Home sales in Monroe County for the first five months of this year rose nearly 5% compared to the same period a year ago.