Pennsylvania housing market sees uptick in fourth quarter

Jan 13, 2014, 09:53 ET from Pennsylvania Association of Realtors(R)

Overall housing numbers rise in 2013

LEMOYNE, Pa., Jan. 13, 2014 /PRNewswire-USNewswire/ -- Home sales increased nearly seven percent in the fourth quarter of 2013 and they saw a gain of nearly 12 percent over the previous year, according to a report released by the Pennsylvania Association of Realtors® (PAR).

The report shows 140,165 closed sales in 2013, based on multiple listing systems (MLSs) reporting to the state association.

New listings rose about eight percent in the fourth quarter and are up just over seven percent compared to 2012. Prices also continue to rise, with the median sales price growing two percent in the fourth quarter and ending the year up three percent at $169,900.

Days on market continued to fall, down nearly eight percent in the fourth quarter. Overall, days on market dropped 12 percent to 86 days in 2013.

"Statewide we've seen a continued upward trend in the housing market in the last year. While local markets vary based on a number of issues, overall we believe the market conditions are progressing favorably," said Kim Skumanick, 2014 PAR president. "We expect to see these trends continue into 2014 and we're optimistic that we'll continue to see a robust housing market throughout the Commonwealth."

With mortgage rates up slightly and the median prices up, affordability declined somewhat in 2013. "We're also seeing affordability affected in some communities by escalating school property taxes and mounting flood insurance requirements," Skumanick added. "Realtors® are working to combat these issues for the homeowners and homebuyers they represent."

The statewide housing market report is available at parealtor.org.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 28,000 members in the Commonwealth of Pennsylvania. 

SOURCE Pennsylvania Association of Realtors(R)



RELATED LINKS

http://www.parealtor.org