The Buffalo-Niagara Falls area was one of just 18 nationwide to see median prices rise in the first quarter of 2009, according to the
National Association of Realtors.
The trade group reported that 134 out of 152 metropolitan statistical areas had lower median existing single-family home prices in comparison with the same period of 2008.
Buffalo-Niagara Falls, which has the lowest median prices among the four largest Upstate New York cities (including Rochester, Syracuse and Albany), saw a 2.7 percent increase to $99,200 from $96,600 year-over-year. That hike was also the second largest in the Northeast, trailing only Syracuse where median costs rose 3.1 percent to $113,700 from $110,300 in the first three months of 2008.
First-quarter median prices in Rochester fell 2.7 percent to $105,600 from $108,500 and in Albany by 4.9 percent to $184,500 from $194,100.
NAR said overall, the median existing single-family home price in the Northeast declined 15.9 percent to $235,500 in the first quarter.
The report said across the U.S., many buyers sought deeply discounted distressed sales – foreclosures and short sales – which accounted for nearly half of transactions in the first quarter and weighed down median home prices in most markets.
The national median existing single-family price was $169,000 — 13.8 percent below the first quarter of 2008 price of $196, 100 when conditions were closer to normal, NAR said.