Broome County Sees Leap In Home Prices

After a substantial leap in the price of homes over the past year, Broome County expects its home prices to be back to the norm. Nationally, home prices jumped 10.9 percent in March compared to a year ago, but in Broome County, housing prices were nearly 46 percent higher than the same time last year. In Tioga county, the price of homes decreased 3.3 percent over the past year. Officials say the increase in Broome County is a direct result of the damage left by the flood of September 2011. The median sale for a Broome County home in March of this year was up to $121,000, compared to $83,000 in March of 2012. In Tioga County, the median sale price dropped to $125,000 from $129,250 last year. Nationally, the rise in home prices was the most since April 2006, as a growing number of buyers are bidding on a smaller supply of homes, driving the prices higher and allowing the housing market to recover.