LEMOYNE, Pa., July 19, 2016 /PRNewswire-USNewswire/ -- The state housing market continues to show positive growth with closed sales up nearly 10 percent 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 percent 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 percent in the second quarter of 2016 compared to the second quarter of the previous year and new listings are down 8.3 percent 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 percent 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 homebuyers and sellers," he added.
For a full copy of the report, visit PARealtor.org.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 30,000 members in the Commonwealth of Pennsylvania.
SOURCE Pennsylvania Association of Realtors