Housing Market Report

Pennsylvania Housing Market Report for the third quarter of 2014

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Previous Reports

Second Quarter, 2014 | First Quarter, 2014
Fourth Quarter, 2013

Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.

New Listings increased 5.2 percent to 68,983 in the third quarter of 2014.
New Listings increased 5.2 percent to 68,983. Pending Sales remained flat at 36,932. Inventory levels grew 7.3 percent to 116,346 units.
The Median Sales Price increased 0.6 percent to $176,000 in the third quarter of 2014.
Prices were fairly stable. The Median Sales Price increased 0.6 percent to $176,000. Days on Market was down 3.8 percent to 75 days. Buyers felt empowered as Months Supply of Inventory was up 7.6 percent to 9.9 months.
Inventory levels grew 7.3 percent to 116,346 units in the third quater of 2014.

The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it's growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.