Home sales down in 2023 in Elmira-Corning Area

( WETM ) — New statistics released by the Elmira-Corning Regional Association of Realtors show the median price of home sales that closed in 2023 was up from 2022 by around 4.8%. But, the number of homes sold in the Elmira-Corning area last year was down by 20.5% compared to 2022, and the number of homes sold in December 2023 was down 31.4% when compared to the previous December.

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These statistics come from the latest “Elmira-Corning Realtors” news release. The statistics include sales of existing single-family homes, including houses, condos, and townhomes in Chemung, Schuyler, Steuben, Tioga, and Yates Counties in New York.

The number of homes listed for sale in December 2023 was also down 9.8% from December 2022.

“The Elmira-Corning housing market faced the same headwinds as the rest of the state and country during 2023 as rising mortgage rates kept many would-be home sellers on the sidelines,” said Mark Costanza, ECRAR president. “As a result, buyers found themselves competing for fewer homes, which drove selling price increases throughout the year. The one constant, regardless of market conditions, is that buyers continued to close on their new homes throughout the year to meet their changing life needs.”

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Costanza also said he’s confident that declining mortgage rates will help with sales in 2024.

Around the U.S,. many markets report similar statistics to those in the Elmira-Corning area. Realtors cite high mortgage rates and reduced availability of homes for the declines in home sales.

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