Buffalo, NY (WBEN) - New numbers from the National Association of Realtors showed sales of existing homes in April were essentially flat compared to March.
It was a sluggish kickoff to the summer home buying season that extended to Western New York too.
"If you take the last three months, values have declined somewhat and unit sales are down around 7% according to our records," said Peter Hunt, Executive Chairman of Hunt Real Estate.
Among the factors contributing to the slow start are fewer people entering the housing market.
"I'm sure it's a factor," Hunt said. "Either you feel relatively well-off or you don't. The real thing right now is people are waiting longer to buy that first home. They're closer to the age of 40 as opposed to where it was years ago when it was in the mid to high 20s average age wise in terms of when you bought your first home."
"People are waiting longer, trying to save up money to make a down payment and then jump into the market."
Hunt, though, is not a fan of the waiting game.
"Waiting doesn't pay," Hunt said. "It doesn't pay from a standpoint of the value. Interest rates are going to be what they are, but if the real cost of the property is significantly higher, you're paying not only higher interest but you're also paying a larger amount."
The average rate on a 30-year mortgage has shot up since the war in Iran started, now standing at over 6.4%.
