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The super-tight Buffalo Niagara housing market keeps chugging along.
Housing prices continue to rise steadily, with the median price of homes sold during the past year increasing by 6.7%, according to the latest data from the Buffalo Niagara Association of Realtors.
The median price of all homes sold during the past 12 months, through the end of June, rose to $240,000, up from $225,000 a year ago, the real estate group said in its latest report on the local housing market.
Despite stubbornly high mortgage rates that are further squeezing affordability across the region, sale prices continue to rise because of the dearth of homes for sale.
Only about 1,430 homes were for sale last month, and while that’s up almost 9% from a year ago, it’s still historically low. And that’s not changing, either. New listings during the first half of this year are roughly on par with the same period last year.
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That’s spurred intense competition for homes, especially ones that are in good condition and in sought-after neighborhoods. The homes that sold during June went for a little more than 7% above their most recent asking price, the real estate group said. The premiums buyers are willing to pay typically are highest during the summer months.
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This article was originally published by a buffalonews.com . Read the Original article here. .