The latest numbers on housing sales in the Rochester area continue to show the impact of a lack of inventory to meet demand.
The Greater Rochester Association of Realtors has issued a report which shows that completed sales of existing homes in the metro area were down nearly 24% in June compared to a year ago.
Andy Kachaylo is president of the realtors group. He says one issue that limits the selection for home buyers is that they often have very specific needs in terms of neighborhood and the type of house they want.
“They’re ready to jump on the newest property that comes on the market, because they’ve looked and passed on a number of houses that are already on the market, so they wait for that new one to come on which is why you’ll see multiple offers in a couple of days but yet you can find other houses that are still on the market,” Kachaylo said.
Kachaylo says the lack of inventory is forcing some prospective home buyers to renovate their current home, rather than search for another one.
“People with the four bedroom suburban house have to buy a house half the size, yet pay more money to get it, and some are choosing to remodel and stay instead of selling,” Kachaylo said.
It continues to be a seller’s market, and that has pushed home prices up. The latest report from the realtors association shows an increase in the median sales price of 3.7% compared to a year ago.
Sales of new homes are generally flat compared to a year ago. That's according to the Rochester Home Builders Association. Its CEO, Rick Herman, says that some home buyers who had been looking at buying an existing home may now be considering a new house.
But Herman says the schedule for the construction of new homes has slowed down, mainly due to a shortage of workers in the skilled trades. He says that's a nationwide problem.
