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Housing market keeping potential homeowners in rental units: Inventory drops to new lows

While some think the housing market is improving, the latest round of data says otherwise.

Sales and inventory dropped to new lows in July across the U.S.

The latest data released by Realtor.com found that one zip code in the Rochester and Finger Lakes region collectively, the town of Brighton, was the #1 location in the U.S.

That’s right, Brighton, New York is the #1 place folks are looking to buy a home.

“It’s an area where I think the pandemic showed, that we have so much natural beauty in our area, the people who are working remotely and don’t have to drive into an office in a big city, are taking advantage of that so there is a lot going for Rochester,” Lanie Bittner told WHEC-TV.

Lane is the president of Greater Rochester Association of Realtors.

But the price of everything has prompted some buyers to become a little more skeptical. Not that it’s had a meaningful impact on the market overall.

“Buyers are a bit more discerning right now they’re paying more at the pump the grocery store, they’re paying more everywhere.”

Now though, the problem is for renters, who are seeing prices skyrocket as homeownership becomes less likely for first-timers.

“We’re seeing apartments go up which will relieve the housing situation that we have. People decide now is not a good time for me to own a home, they may sell, get an apartment or be in an apartment before they buy and that can offset some of the frustrations that some are feeling in terms of where to live,” Bittner added.



Categories: New York StateNews

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