The Greater Rochester Association of Realtors reported a 43 percent increase in sales when compared to second quarter 2009, with a total of 3,512 homes sold. The overall median sale price of $120,000 reflected a 2 percent percent increase compared to last year.
The increase was a result of the $8,000 first-time homebuyers tax credit and the $6,500 tax credit for current homeowners who purchased a new or existing home. The tax credit expired on April 30, and those who qualified for the tax credit had until June 30 to close.
Pending sales were down, as expected, as people were rushing to close on their homes before the closing deadline. The deadline for homebuyers to close on their purchases and still claim the tax credit was recently extended to Sept. 30 for homes that went into contract by April 30.
“The tax credit was a critical factor in generating home sales and maintaining the momentum of the real estate market into the second quarter,” stated Carolyn Stiffler, GRAR board president. “The program definitely had a positive impact on our local market and was an enormous benefit to homeowners.”
Stiffler stated that she anticipates sales to be steady and brisk through the third quarter.