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Home > About BNE > Press Room > 2010 Archive > May > WNY Home Prices up in 1Q

WNY Home Prices up in 1Q

Tuesday, May 11, 2010

The cost of a single-family home in Buffalo in the first three months of the year increased 7.5 percent to $106,600 from $99,200 last year. In Rochester, median prices accelerated 6.3 percent to $112,200 compared to $105,600 in 2009.

Median prices in the Syracuse metropolitan area rose 2.6 percent to $116,600 from $113,700 year-over-year.

Binghamton home prices dropped 6.8 percent to $102,800 while the Albany region saw housing costs dip 0.4 percent to $183,800 from $184,500.

The quarterly study of U.S. metro areas said 91 out of 152 metropolitan statistical areas showed higher median existing single-family home prices in comparison with the first quarter of 2009, including 29 with double-digit increases; three were unchanged and 58 metros had price declines.

The national median existing single-family price was fairly flat at $166,100, down 0.7 percent from the first quarter 2009 price of $167,300. Distressed homes, which typically are discounted by 15 percent relative to traditional homes, accounted for 36 percent of first quarter sales.

Lawrence Yun, NAR chief economist, said stabilizing home prices are encouraging.

“This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this metro area price report,” he said in a statement. “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”

By region, the Northeast saw the greatest improvement with prices up 9.0 percent to $256,300 in the first quarter. In the South, prices rose 1.1 percent to a median of $148,200. The Midwest had a decline of 0.8 percent to $130,600 and the West suffered a decline of 8.3 percent to $210,200.

Existing-home sales in the Northeast fell 17.7 percent in the first quarter to a level of 850,000 but are 19.7 percent higher than a year ago.

A breakdown of prices by metropolitan areas can be found here.

Read more: WNY home prices up in 1Q - Business First of Buffalo