LEMOYNE, Pa., July 19, 2016 — The state housing market continues to show positive growth with closed sales up nearly 10% in the second quarter of 2016 over the same period last year, according to a report released this week by the Pennsylvania Association of Realtors®.
The median sales price is $175,000, up 1.7% and days on market dropped to 76 days from 82 in the second quarter of 2016, compared to the same period in 2015.
“We’re continuing to see a strong housing market throughout the state. We’re seeing more young, first-time homebuyers entering the market,” said PAR President Todd Polinchock. “People continue to see the value of owning a home.”
Inventory fell 11% in the second quarter of 2016 compared to the second quarter of the previous year and new listings are down 8.3% during the same period.
“We are experiencing a lack of homes in varying price points in different areas of the state,” Polinchock said. “The month’s supply dropped nearly 17% during the second quarter of 2016. In many areas, it’s become very competitive to buy a home. Some properties are seeing multiple bids, particularly in the moderately-priced range.”
“Anyone thinking about selling their home should talk to their Realtor® about listing it. With continuing low interest rates, it’s a good market for both home buyers and sellers,” he added.
