Home prices keep rising across the Buffalo Niagara region, but not nearly as fast as they once were.
The median sale price of homes sold during the past 12 months has increased by 2.8%, according to new data from the Buffalo Niagara Association of Realtors.
That’s the slowest increase in home prices in the last seven years – an unprecedented period of home price appreciation that saw the median sale price increase by at least 5% during each of those years.
The growth in home prices is occurring at a time when mortgage rates have roughly doubled, adding hundreds of dollars to a typical buyer’s monthly payment.
But with about 12% fewer homes up for sale during August, compared with a year ago, there’s still plenty of competition for those homes, even if buyers are pushing up against their budget limits.
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That means the asking price often is just the starting point for bidding among potential buyers. The average home sold across the Buffalo Niagara region through August sold for an average of 4.4% above the most recent asking price, down from a 7.4% premium a year ago, the real estate group reported.
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