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values grew

Sharon Linstedt :News Business Reporter

The Buffalo area's relatively stable housing market has earned a place on a select national list of communities where home values are on an upswing.

According to a survey by the National Association of Realtors, the Buffalo-Niagara Falls region is among just 28 out of 152 metropolitan areas across the U.S. to chart an increase in single-family home prices in the third quarter.

During the July through September period, the median home price increased 3 percent to $114,200, compared to prices in the third quarter of 2007.

In its most recent snapshot of home sales, the Buffalo Niagara Realtors Association reported the median home price in Erie and Niagara counties was up 3 percent in October to $113,000.

Nationwide, home prices fell 9 percent to a median price of $200,500. In the Northeast, median prices were off 6.5 percent to $267,700 in the third quarter.

While Buffalo-Niagara Falls region ranked among the Top 10 markets for home values, Elmira led the nation, posting a median price gain of 12.7 percent.

The biggest dips occurred in California where the Riverside-San Bernadino-Ontario area saw median prices plummet a whopping 39.4 percent. Sacramento and San Diego's prices declined 36.8 percent and 36 percent, respectively.

slinstedt@buffnews.com

Buffalo Niagara among only 28 areas in U.S. where home