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Report: Housing prices increased, sales down by the end of 2023

todayJanuary 24, 2024 1

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ROCHESTER, N.Y.(WROC) — The Greater Rochester Association of Realtors released the 2023 final quarter housing market statistics.

According to GRAR, the median sales price at the end of the year rose by 10 percent from 2022 with a total of $220,000 and there were fewer sales closed. In 2023 there were a total of 10,582 closed sales as opposed to 2022 which saw 12,669 total closed sales.

“The Rochester real estate market continues to be one of the most competitive in the country, suffering from a severe lack of homes available for sale.” said GRAR President Mike O’Connor continued, “As we have discussed many times, this is the continuation of a trend that began with the Great Recession. The creation of new housing has never recovered from the recession, and we are now seeing the results.”

O’Connor attributed the lack of homes available to the rise in median sales prices observed this last year and called for the creation of more housing in the Greater Rochester area. Also attributed was the recent increase in mortgage rates which impacted the affordability of housing.

GRAR’s CEO Jim Yockel added that these issues are predominantly impacting first-time home buyers with low to moderate incomes. He said that this lack of housing availability could have long term impacts on the growth of the Rochester region.

​ ROCHESTER, N.Y.(WROC) — The Greater Rochester Association of Realtors released the 2023 final quarter housing market statistics.

According to GRAR, the median sales price at the end of the year rose by 10 percent from 2022 with a total of $220,000 and there were fewer sales closed. In 2023 there were a total of 10,582 closed sales as opposed to 2022 which saw 12,669 total closed sales.

“The Rochester real estate market continues to be one of the most competitive in the country, suffering from a severe lack of homes available for sale.” said GRAR President Mike O’Connor continued, “As we have discussed many times, this is the continuation of a trend that began with the Great Recession. The creation of new housing has never recovered from the recession, and we are now seeing the results.”

O’Connor attributed the lack of homes available to the rise in median sales prices observed this last year and called for the creation of more housing in the Greater Rochester area. Also attributed was the recent increase in mortgage rates which impacted the affordability of housing.

GRAR’s CEO Jim Yockel added that these issues are predominantly impacting first-time home buyers with low to moderate incomes. He said that this lack of housing availability could have long term impacts on the growth of the Rochester region. Read More Real EstateRochesterFirst  

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