SUMMARY    HISTORY    PEAKS & TROUGHS    FORECASTS

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The Buffalo housing market has seen steady real price increases over the past few years, avoiding the unbridled exuberance seen in many coastal markets. Historically, the Buffalo market has avoided national trends and has increasing become tied to local economic conditions. However, recent declines in sales activity have increased the number of homes on the market. Further sales declines should be expected due to current national market psychology. However, significant price declines are unlikely as the mortgage debt servicing cost has remained steady and extremely low.

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This ratio compares the monthly mortgage payment (principal & interest only, which does not include hazard insurance, property taxes or any needed private mortgage insurance) for a median priced home financed at the prevailing 30 year mortgage rate to the local median 4-person family income.