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Houses in Rochester still selling faster than rest of US

(file photo by Kevin Oklobzija).

(file photo by Kevin Oklobzija).

Houses in Rochester still selling faster than rest of US

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Homes in the Rochester area continued to sell more quickly in October — and more homes sold above asking price — when compared to the other largest 90 metropolitan areas in the country.

Of houses sold last month in greater Rochester, 72.2 percent of buyers paid above final list price, according data analyzed by Redfin. Next on the list was Buffalo, where 65.6 percent sold above list.

Also, 74.4 percent of home sales went under contract within two weeks, according to Redfin. That was a significantly larger percentage than the rest of the country. Buffalo was a distant second on that list, with 63.9 percent of sales going under contract within two weeks.

At the other end of the spectrum, just 4.9 percent of sales in Honolulu and 11.8 in Chicago went under contract in two weeks.

But nationally, a larger percentage of sales contracts were canceled in October, Redfin found. Roughly 54,000 purchase agreements were torn up. That’s 17.2 percent of all houses that went under contract, the highest percentage since Redfin began tracking data in 2017. The percentage was 16.1 in September.

High mortgage rates and high insurance costs were cited as reasons.

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