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Rochester still No. 1 in speed of home sales, but time on market rises in August
Rochester still No. 1 in speed of home sales, but time on market rises in August
Homebuyers finally have a little more flexibility to make decisions as the median time on market in Rochester and across the country rose by five days in August.
Houses were still selling faster in Greater Rochester than in any of the nation’s 50 largest metro areas, spending an average of just 23 days on the market, according to the latest report from Realtor.com.
That’s up six days from July, 11 days from May and June, and 12 days from April, when it took just 10 days from listing to accepted offer.
Nationally, the median selling time in August was 42 days.
“As we soak up the last days of summer, the housing market is beginning to find more balance between buyer-friendliness and still-favorable selling conditions,” Danielle Hale, chief economist for Realtor.com, said in a news release.
But while active listings nationally rose 26.6 percent compared to August of 2021, buyers in the Rochester area still have limited choices. Active listings were down 4.6 percent and new listings fell 12.8 percent in year-over-year comparisons.
“Location also matters; our 2022 Hottest ZIP Codes (including the No. 1 ZIP Code in the nation, 14618 of mostly Brighton) show that competition for homes remains fierce in many markets in the Northeast, which was also the only region where inventory declined from 2021 levels in August,” Hale said.
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