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Regional home sales still going strong

Buffalo Niagara's home sales remained strong in October, in spite of a weak national housing market.

The Buffalo Niagara Association of Realtors reported 829 homes sold last month, a 23 percent increase from October 2006.

The median sale price was $102,000, a 5 percent increase from a year earlier. The figure means that half the homes sold for less than that amount, and half for less.

Buffalo Niagara's average sale price was $119,812, up 2 percent from October 2006. Thirty of the homes sold in October were purchased for $300,000 or more.

For the region, it was the highest number of homes sold in the month of October since 2003. But the region's sharp percentage gain from a year ago was partly due to its comparison with October 2006, which recorded an unusually low total during the month of the surprise snowstorm.

The region's median and average sale prices last month were each the best for any October in BNAR data dating to 1997.

The number of homes on the market in Buffalo Niagara increased less than 1 percent from a year ago, to 5,622. That was the highest for October in eight years.

With two months of figures yet to come, the region was on track to top 2006's full-year total of homes sold. Sales in the January-through-October period were up 5 percent from the same 10-month span in 2006, with two months of figures yet to come.

Real estate agents and industry observers say the region tends to avoid the big swings in sales that many parts of the country have experienced in their real estate markets.


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