Housing Market Report

Pennsylvania Housing Market Report for the first quarter of 2015

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Previous Reports

Fourth Quarter, 2014 | Third Quarter, 2014
Second Quarter, 2014 | First Quarter, 2014

All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.

New Listings increased 5.9 percent to 60,204 in the first quarter of 2015.
New Listings increased 5.9 percent to 60,204. Pending Sales were up 9.8 percent to 35,163. Inventory levels grew 2.5 percent to 105,762 units.
The Median Sales Price increased 1.9 percent to $158,000 in the first quarter of 2015.
Prices continued to gain traction. The Median Sales Price increased 1.9 percent to $158,000. Days on Market was down 1.0 percent to 95 days. Sellers were encouraged as Months Supply of Inventory was down 3.4 percent to 8.5 months.
Months Supply of Inventory was down 3.4 percent to 8.5 months in the first quater of 2015.

On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year.