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Greater Binghamton June 2014 Housing Market Overview

Below is a quick synopsis of the area's housing market for this past June from the Greater Binghamton Association of Realtors:
"Housing seemed to have a slow start to the spring selling season, but One-Year Change in appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others.
New Listings were up 21.9 percent to 412. Pending Sales increased 12.6 percent to 170. Inventory grew 10.2 percent to 1,501 units.
Prices moved higher as the Median Sales Price was up 5.6 percent to $116,000.
Days on Market increased 22.2 percent to 110 days. Month’s Supply ofInventory was up 4.8 percent to 11.0 months, indicating that supply increased relative to demand.
Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle."