Home sales in the Greater Rochester region were close to pre-pandemic levels in the first half of 2021, although there were far fewer homes coming on the market. Medina sales prices continued to grow through the first six months of the year, according to the Greater Rochester Association of Realtors.
The four-county GLOW region was mirroring that trend, with home sales up more than 20% in the first six months of 2021, compared to the same period a year ago. The average sales price was up nearly $34,000, or more than 22%, according to data from GRAR.
“As we look at the data for the first half of 2021, it’s important to note that many key 2020 metrics, such as closed sales, were greatly affected by the pandemic shutdown,” GRAR President Lanie Bittner said in a statement.
“When we look to the 2019 data, it shows that our housing market remains healthy in 2021 despite the headwind caused by fewer homes listed for sale,” she said.
According to the GRAR, the number of sales so far this year is 14% more than 2020, and just 2.4% below the 2019 mid-year market. Strong buyer demand and lower inventory conditions drove the median selling price to just more than $173,000 in the first half of the year, an increase of 17.4 percent from 2020 and 23 percent from 2019.
“Housing supply issues are a concern both locally and across the country,” Bittner said, noting several contributing factors including a growing number of homebuyers in the millennial generation and homeowners choosing to age in place,” Bittner said.
A 2019 report from the National Association of Realtors shows that buyers expect to stay in the homes they purchase that year for 15 years, up from a tenure of 6 to 7 years.
Here’s an overview of data from the GLOW counties:
n Genesee: 128 home sales closed through the first six months of 2021, an increase of 52, or 68.4%, from the first half of 2020; median sale price of $157,000 through the second quarter, an increase of $17,0000, or 12.1%, compared to 2020 and the median price of $140,000. New listings increased to 191 through the first two quarters of 2021, up 54, or 39.4%, compared to the first half of 2020 when there were 137 new listings.
For the month of June there were 41 home sales closed, more than double the 20 sales on June 2020. The average sales price was $165,000, an increase of $31,000, or
There were 52 homes listed for sale at the end of June 2021, compared to 59 homes available a year ago.
n Livingston: 111 home sales closed through the end of June, compared to 93 the year before, an increase of 19 homes, or 20.4 percent, for the same period a year ago; median sale price was $157,500 – the highest in the GLOW region – through the first six months of 2021, an increase of $16,500, or 11.7% from the $141,000 price a year ago. New listings were at 192 – highest in the GLOW region – through the first six months of 2021, an increase of 21 homes, or 12.3%, from 2020 when there were 171 listings in the first six months of the year. There were 59 homes listed for sale at the end of 2021, compared to 99 homes the previous June.
n Orleans: 91 home sales closed through the first half of the year, an increase of 17 from 2019, or 23%; median sale price was $139,900 for the second quarter, an increase of $29,900, or 27.2% from the prior year’s median price of $110,000. New listings were at 128 through the first six months of 2020, an increase of 26, or 25.5%, from the 102 listings through the first six months of 2020. There were 37 homes listed for sale at the end of June 2021, compared to 69 listings a year ago.
n Wyoming: 62 home sales closed in the first six months of 2021, compared to 65 a year ago, a decrease of three, or 4.8%; median sale price was $152,500, an increase of $72,500 – the largest increase in the GLOW region – or 91.6% from the same period in 2021, when the price was $80,000. New listings were at 127 through the first six months of 2021, up 18 homes, or 16.5%, compared to a year ago when there were 109 listings. There were 42 homes available at the end of June 2021, compared to 79 listings in June 2020.
The more affordable segments of the housing market are affected greatly by the lack of supply, GRAR said.
In June, NAR released a housing report along with a plea to federal and local government officials to address the lack of homes available to meet the needs of the country’s population. According to NAR, there is a “shortage of housing in America that is more dire then previously expected and will require a concerted, long-term nationwide commitment to overcome…”
Statewide, median sales prices continued to rise in June while the number of homes available remained at record lows, according to the monthly housing report release by the New York State Association of Realtors.
The median sales price in New York State jumped 28.3 percent from $300,000 in June of 2020 to $385,000 last month. Year-to-date, median sales prices are up 26.8 percent – from $285,000 in 2020 to $361,500 this year.
Inventory remained low with only 42,598 units available in June compared to 53,939 in June 2020 – a decrease of 21 percent. This marks 19 consecutive months of decreasing inventory in year-over-year comparisons. Months supply of inventory fell to 3 months – a decrease of 43.4 percent from 5.3 months of inventory last June.
Closed sales escalated 55.4 percent in June 2021 to 13,111 units from 8,436 sales last year. Pending sales rose 11.3 percent in year-over-year comparisons. In June 2020, there were just 14,814 pending sales in New York compared to 16,481 this June.
Mortgage interest rates continue to be favorable for potential homebuyers. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage in June increased slightly to 2.98 percent from 2.96 percent in May 2021.
