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March home sales up 1.2 percent

Buffalo Niagara's housing market continued chugging along in March, racking up the most closed sales for the month of March in a decade.

New data from the Buffalo Niagara Association of Realtors show agents completed 769 transactions in March, up 1.2 percent from the same period a year earlier. That's the most for March since 2007.

Meanwhile, pending sales – where a contract is signed but not yet finalized – rose 3.5 percent to 1,140, the most in at least 16 years. Since Jan. 1, pending deals are up 5.1 percent, to 2,834.

While the average price rose 1.2 percent to $148,149, the median price fell 2.1 percent to $121,900 from $124,510 a year ago.

New listings fell 8.7 percent in March to 1,480 and are down 5.9 percent to 3,604 for the first three months of the year. As a result, the total inventory of homes available for sale fell 32.3 percent to 2,905. At that rate, there are only enough homes on the block to satisfy 2.8 months of activity – less than half the level that is considered healthy.

The Buffalo Niagara Association of Realtors tracks sales between its Realtor members in the eight-county area of Western New York, plus a few sales in Monroe and Livingston counties.

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