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Home sales dropped dramatically as mortgage rates climbed

Home sales dropped dramatically as mortgage rates climbed

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Houses were still selling faster in Rochester than in any of the top 50 markets in the country, although the median time on market rose five days in August, according to data
(File photo by Kevin Oklobzija)

Closed sales on houses in Monroe County plunged 27 percent in October compared to the same period in 2021, with the New York State Association of Realtors (NYSAR) citing soaring interest rates and low inventory as the reasons.

There were 634 closed sales last month in the county, compared to 868 for October 2021, according to month data released by NYSAR. The 27 percent drop was even greater than the statewide decline of 22.8 percent for the month.

The median sales price was $212,510, a year-over-year spike of 11.9 percent.

Available inventory in Monroe County actually bucked the statewide trend, climbing 9.1 percent compared to an average of 12 percent across New York.

Still, the months supply of homes for sale in the county remains lowest in the state, which has been the case for at least four years. There was a 0.9 months supply in October. A balanced market is considered to be between 6 and 6.5.

But now Monroe has plenty of company in the low-inventory category. Wayne (1.2), Ontario (1.9), Genesee (1.5), Livingston (1.8), Orleans (1.8), Wyoming (1.8), Seneca (1.9), Erie (1.3), Niagara (1.8) and Onondaga (1.6) all were below a two months supply.

Fewer homes on the market and mortgage rates pushing 7 percent — a 20-year high, according to Freddie Mac — greatly impacted the market, NYSAR said.

The median sales price grew to $253,500 in Ontario County (a year-over-year bump of 11.7 percent), $200,000 in Livingston County (a jump of 21.2 percent) and $194,200 in Wayne County (up 6.7 percent).

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