June 14, 2024

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Spotlight/Housing: Competition among homebuyers remains intense |  local news

Spotlight/Housing: Competition among homebuyers remains intense | local news

The competition for homes has not subsided as mortgage rates began to rise this spring.

Homes sold faster than ever during June, and buyers were willing to pay a premium for homes that caught their eye, according to new data from the Buffalo Niagara Association of Realtors.

The shortage of homes for sale has caused a sweltering housing market over the past few years – and that has continued into 2022, even as borrowing costs have increased.

The average home sold during June was only on the market for 16 days – the second lowest in any month, and only 15 days bought in July 2021 topped the market.

This is a sign that the low supply of homes for sale is still driving homebuyers to scramble, even as inventory has begun to slowly rise this year.

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And when homebuyers scramble to find homes they can admire – and pay for – they do their best to make sure they strike a deal.

Prices of homes sold during June rose an average of 10.9% above the last asking price — the highest premium recorded in the Buffalo Niagara area.

It was the first time the average premium has exceeded 10%, and only the third time ever that the average sale price has exceeded 9%, according to real estate group data.