The median price has declined 4% over last year in the Ithaca area and Tompkins County saw a slight increase 1%
There is a mix of low inventory and high absorption rate. The March absorption rate is consistent with previous years, but inventory continues to decline. Inventory is down 14%, pending sales are up 9%, absorption rate is over 6 months supply, and days on market has declined by 9%.
Mortgage rates vary by institution and rates have fluxuated. According to Lawrence Yun, Chief Economist for NAR, the mortgage rates began to decline at the beginning of the year, which brought more buyers into the market. He is calling for rates to stay between the 4% to 4.5% range in the near future.
Consumer confidences has waivered a bit. The 2019 Homownership Opportunities Survey indicated that 64% percent of people in the northeast believe that now is a good time to buy a home.