Competition for homes did not abate when mortgage rates began to rise this spring.
Homes sold at an all-time high in June, according to new data from the Buffalo Niagara Association of Realtors, and buyers were willing to pay a premium for the homes that caught their eye.
The shortage of homes for sale has caused an overheated housing market in recent years – and this has continued into 2022, even as borrowing costs have risen.
The average home sold in June was on the market for just 16 days — the second-lowest for a month, surpassed only by the 15 days homes bought in July 2021 spent on the market.
It’s a sign that the low supply of homes for sale is still putting pressure on homebuyers, even though stocks have slowly started to rise this year.
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And when homebuyers are looking for homes they like — and can afford — they do what they can to make sure they get a deal.
Homes sold in June sold an average of 10.9% above their last asking price — the highest premium ever recorded for the Buffalo Niagara region.
According to real estate group data, it was the first time the average premium exceeded 10% and only the third time since records began that the average sale price exceeded 9%.
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