Housing market is knocking again, sales and inventory in U.S. dropped to a new low in July
ROCHESTER, N.Y. (WHEC) – Knock, knock. It’s the housing market, at it again. Since the pandemic, buying and selling has had a mixed picture with sales and inventory sales in the United States dropped to a new low in July.
While that may be the case, realtors say, one of the top listed places to buy is closer than you think.
“Realtor.com just put out its top zip codes, and Brighton was number one in the country,” Lanie Bittner said, president of Greater Rochester Association of Realtors.
Interesting right? Well, here’s why.
“It’s an area where I think the pandemic showed, that we have so much natural beauty in our area, the people who are working remotely and don’t have to drive into an office in a big city, are taking advantage of that so there is a lot going for Rochester,” Bittner said.
Surging inflation, like gas prices, and food, have some blame in making homes less affordable.
“Buyers are a bit more discerning right now they’re paying more at the pump the grocery store, they’re paying more everywhere.”
While the housing market isn’t so hot in some spots around the nation. The Rochester area isn’t doing too bad.
“The economy predominately, and what’s happening around us, so that will effect Rochester for a certain degree but we don’t see the dramatic huge shifts up or down that markets like California, Florida or Arizona typically see.” Bittner added.
But, wherever your dream home takes you, interest rates are still rising, which could add hundreds of dollars to a monthly mortgage. According to the National Association of Realtors, (NAR) a typical home got 2.8 offers last month, which is down from 4.5 a year ago.
Bittner says the Rochester market isn’t as full. Potential buyers are settling for apartment living.
“We’re seeing apartments go up which will relieve the housing situation that we have. People decide now is not a good time for me to own a home, they may sell, get an apartment or be in an apartment before they buy and that can offset some of the frustrations that some are feeling in terms of where to live.”
NAR also said the economy has made being able to afford a home difficult for many now, and home buying is at its lowest level in 30 years. That’s why some sellers are settling for prices lower than they actually want.