Buffalo among bright spots in 3Q housing

The Buffalo-Niagara Falls housing market was among the few nationwide to experience an increase in median prices during the third quarter, the National Association of Realtors reported. According to the trade group, only 28 out of 152 metropolitan areas saw housing values rise in the period from July through September. In the Buffalo-Niagara Falls area, the median price rose to $114,200, up 3% from $110,900 a year ago. That was the third-biggest jump in the northeast, behind Elmira and Trenton-Ewing, N.J. NAR noted Elmira had the largest jump in the U.S. — 12.5% to $105,000 from $93,300 in the comparable 2007 period. Across upstate New York, Rochester ($123,600) and Albany ($205,500) were each up 0.5% while Syracuse ($127,300) increased 1.9%. The median existing single-family home price across the U.S. was $200,500, down 9% from $220,300 in the 2007 third quarter. Article reprinted with permission of Business First of Buffalo. Article appeared in the November 18, 2008 edition.