Housing Market Report

Pennsylvania Housing Market Report for the fourth quarter of 2015

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The Housing Market report linked above is a revised version from the report previously posted. It was discovered that the report contained additional data from surrounding markets.

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Previous Reports

Third Quarter, 2015 | Second Quarter, 2015
First Quarter, 2015

In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.

New Listings increased 2.4 percent to 38,854 in the fourth quarter of 2015.
New Listings increased 2.4 percent to 38,854. Pending Sales were up 3.9 percent to 26,316. Inventory levels shrank 8.8 percent to 75,973 units.
The Median Sales Price increased 1.6 percent to $162,500 in the fourth quarter of 2015.
Prices continued to gain traction. The Median Sales Price increased 1.6 percent to $162,500. Days on Market was down 6.1 percent to 77 days. Sellers were encouraged as Months Supply of Inventory was down 17.6 percent to 7.0 months.
Days on Market was down 6.1 percent to 77 days in the fourth quarter of 2015.

Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and that rate is expected to increase next year. Residential real estate is considered a healthy piece of the national economy. Contributing factors from within the industry include better lending standards and foreclosures falling back to more traditional levels. Declining unemployment, higher wages and low fuel prices have also conspired to improve personal budgets.