5 Things to Know About the Tight Local Housing Market

Aug. 12, 2019

The Buffalo Niagara housing market is still tight, but there are signs that the upward pressure on home prices is losing steam.

Home prices still are rising at a moderate pace – and the median sale price in July hit a record high – but the pace of the increase is half of what it was a year ago.

Homes are still selling quickly – the average home is on the market for a little more than a month before it sells, according to new data from the Buffalo Niagara Association of Realtors.

And sales remain strong, although the pace continues to run slower than last year as rising prices cut into affordability and record low listings limit the choices buyers have.

Still, the local housing market remains tilted in favor of sellers, with only enough homes on the market to absorb three months worth of sales at the current pace. A housing market is generally considered to be in balance between buyers and sellers when there is a six-month supply of homes for sale.
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