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April home prices rise 4.8 percent to record levels

Home prices rose to potentially record highs for the month of April in Western New York, even as the number of sales slowed from last year's torrid pace, according to new data from the Buffalo Niagara Association of Realtors.

The median price of a home in the Buffalo Niagara region rose 4.8 percent to $125,000 compared to April 2016, which was the highest level recorded for the month of April since at least 1999 in what has been a gradual but continual climb. Median means that half the homes sold for more and half for less.

Similarly, BNAR reported, the average price of a Western New York home in April rose 8.3 percent to $148,446, also the highest according to its records.

For the year to date, both the median and average are up 4.2 percent and 2.3 percent, respectively, to $125,000 and $144,216.

Meanwhile, though, the level of sales activity dipped in April, coming off the end of winter. Closed sales fell 6.7 percent to 781 – even below the level for March. But that's still the second-highest pace for April since 2008.

Similarly, pending deals dropped 9.3 percent to 1,232. But that's still the third-highest for April on record, after last year and 2010, indicating the region's hyperactive market remains strong.

New listings, however, plunged 18.2 percent to 1,486 – the fewest for April since 2010 – as sellers stayed on the sidelines. Combined with the sales pace, that dragged the total inventory of available homes for sale down another 33.3 percent, to 2,890. That's by far the lowest figure for any month of the year since at least 2000.

BNAR reports arms-length transactions from its Realtor members in the eight-county region of Western New York, plus a few sales in Monroe and Livingston counties.

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