Democrat and Chronicle from Rochester, New York on October 24, 2015 · Page G15
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Democrat and Chronicle from Rochester, New York · Page G15

Rochester, New York
Issue Date:
Saturday, October 24, 2015
Page G15
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Page G15 article text (OCR)

Real Estate & Rental • Democrat and Chronicle • • Saturday,October24,2015 15 Callustoday foratour: (585)723-7442. TheVillagewillgiveyouourMovingMadeEasy Package(foralimitedtime): •Professionalmovingpackageby Grandma’sHelpers •Thirdmonth’srentis FREE •Rentlockuntil2017 (Signby12/17andmoveinby12/28forfulloffer) OrmoveinbyJanuary20andyourthirdmonth’srentisFREE Choosefromthreeexceptionaldiningvenues(andover 90dailyentréeselections),enjoyunlimitedtransportation withourXeetofsevenvehiclesandtakeadvantageof morethan350LifeEnrichmentprogramseverymonth. 1471LongPondRoad|Rochester,NY14626 LeChase Manor Great Value, Close to Everything! Features/Amenities: Spacious Floor Plans • Laundry Facilities in Each Building • Storage Areas • Garbage Disposals • Wall to Wall Carpeting • Air Conditioning • Large Green Areas • 24 Hour Maintenance • Gates-Chili Schools • Satellite TV Available • Remodeled Units Available Contact info: 2900 Lyell Road, Rochester, NY 14606 Direct Line to Rental Agent: Phone: (585) 426-0030 Mgt. Offi ce: (585) 223-1500 1 and 2 bedroom units available WASHINGTON - Americans snapped up more homes in Septem- b er, suggesting that the U.S. housing sector re- m ains insulated from global economic turmoil. The National Associa- t ion of Realtors said Thursday that sales of existing homes jumped 4.7 p ercent last month to a seasonally adjusted annual rate of 5.55 million. Buying activity rebounded after slipping in Aug ust, indicating that demand for housing continues despite a series of r ecent economic hits: stock market declines, falling factory orders, a slowdown in China, struggles in emerging nations such as Brazil and Turkey, and stagnation in Europe. The real estate market a ppears to have reached a stable plateau in recent months, aided by mort- g age rates near historic lows and steady job gains t hat have reduced the un- e mployment rate to a healthy 5.1percent. Yet f irst-time buyers remain scarce and relatively few properties are being listed for sale, capping the potential growth of the s ector. “ The report adds to the e vidence that home sales, a nd housing activity gen- e rally, are trending up,” s aid Jim O’Sullivan, chief U.S. economist at High Frequency Economics. “The strength in housing has been offsetting weak- n ess in manufacturing.” But any further accel- e ration in sales will depend on more properties coming up for sale. S ales have advanced 8.8 percent over the past 12 months, while the numb er of listings has de- c lined 3.1percent. The housing market contains 4.8 months’ supply of homes, significantly low- e r than the 6 months associated with a strong market. T ight inventories have fueled rising home val- u es. The median home s ales price was $221,900 in September, a 6.1percent a nnual increase. The rising prices have created affordability pressures that could cap sales growth. Prices have i ncreased at nearly three t imes the annual 2.2 per- c ent increase in hourly a verage earnings. A ll four geographic re- g ions — Northeast, Midwest, South and West — experienced higher sales last month on a seasonally adjusted basis. Y et first-time buyers are largely missing from t he market. Only 29 percent of sales last month went to f irst-time buyers, a percentage that continues to be significantly lower t han the historical share of 40 percent. The younger millennial generation, ages 18 to 34, suffers from ashortage of down pay- m ent savings as they cope with lower starting salaries and high student debt l oads. Arecent survey shows that 20 percent of millen- nials say they need financial help from their parents to buy a home, compared to just 8 percent of the older baby boomer g eneration who needed parental assistance, according to the finance c ompany Credit Karma. Buyers have benefited f rom low mortgage rates, o ffsetting some of the cost pressures. T he 30-year, fixed rate mortgage averaged 3.79 percent this week, substantially below the long- term average of 6 per- c ent, the mortgage firm F reddie Mac said Thurs- d ay. US home sales rebound in September after August slump JOSH BOAK AP ECONOMICS WRITER ‘‘The strength in h ousing has been o ffsetting weakness in m anufacturing.’’ J IM O’SULLIVAN CHIEF U.S. ECONOMIST, HIGH FREQUENCY ECONOMICS

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