ELMIRA, N.Y. (WETM) – Compared to the first nine months of last year, fewer Southern Tier homes are being listed sold and closed, though prices are still up in 2022, according to a 3rd-quarter report from the Elmira-Corning Regional Association of Realtors.

The September 2022 ECRAR report showed that while the market is still hot, it’s showing some sign of slowing down compared to last year, even as the number of homes available remains “exceptionally low” and they are on the market for just over a month.

“Our local housing market continued to move closer to pre-pandemic home sale levels as we moved through the third quarter of the year,” said Jonathan Lerche, ECRAR president. “Buyers remain active, but are being much more measured in their approach in the face of rising mortgage interest rates and current economic conditions.”

Compared to the September 2021 numbers, new listings in the Southern Tier were down 20%, pending sales down 7%, closed sales down 21%, and median sales prices down almost 2%. However, the report showed that comparing Jan.-Sept. 2021 to the same nine months in 2022, median sales prices are up 3.5% and average prices are up 4.5%.

And compared to 2020, the average number of days that houses are on the market has been nearly cut in half, down to 36 days from 60 days two years ago at this time.

“Moderate price gains are likely to continue through the end of the year as the number of homes available for sale remains exceptionally low,” said Lerche. “We expect buyer and seller activity will remain constant through the end of the year, driven as always by the life circumstances that result in consumers wanting to buy or sell a home.”

The report also drew attention to the Federal Reserve’s interest rate hikes over the last several months in an effort to fight spiking inflation.

The full ECRAR report with can be read below: