Cayuga County's home sales down; Median prices up

By The Citizen staff report

Wednesday, November 21, 2007 9:35 PM EST

Though home sales were down countywide through the first nine months of the year, the decrease had not driven prices lower, according to the latest industry statistics.
Home sales through the end of September reached 435 in Cayuga County, the New York State Association of Realtors reported. That volume was 3.5 percent lower than the total for the same period in 2006. It was down 12.5 percent from 2005 levels.

Median sale prices, on the other hand, have grown.

The median price of a home sold for the nine months ending Sept. 30 reached $95,500 this year, up slightly from $93,000 at the same point in 2006.

The 2005 median price through the end of September was $84,723.

The county's market is healthier compared with the picture statewide.

NYSAR reported a 7.9-percent decrease in annual sales volume, along with a 1.9-percent drop in median price.

NYSAR officials acknowledged the market has softened, but also said it remains relatively strong.

“While the slowdown may be cause for alarm, it is important to note that our year-to-date reports show that sales are down less than 8 percent through the end of the third quarter when compared to last year's market, which was the third best on record,” said NYSAR chief executive officer Charles M. Staro, in a press release.

Staro said climbing mortgage rates, brought on by the financial troubles the lending industry has been experiencing, are largely to blame for the current situation.

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