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Buffalo among bright spots in 3Q median house prices

Thu, Nov 20th 2008 12:00 am
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 Tuesday.

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 percent from $110,900 a year ago. That was the third-biggest jump in the Northeast, behind Elmira and Trenton-Ewing, N.J. The NAR noted that Elmira had the largest jump in the U.S. - 12.5 percent to $105,000 from $93,300 in the comparable 2007 period.

Across Upstate New York, Rochester, at $123,600, and Albany, at $205,500, were each up 0.5 percent while Syracuse increased 1.9 percent, to $127,300.

The median existing-single-family-home price across the U.S. was $200,500, down 9 percent from $220,300 in the third quarter of 2007.