Housing Market Report

Pennsylvania Housing Market Report for the fourth quarter of 2014

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Previous Reports

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

It has been another recovery year in 2014 but not the same as 2013. With a broad pattern of rising prices and stable to improving inventory, the market has shifted from being drastically undersupplied to approaching equilibrium. Price gains are still positive but less robust than last year. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future direction of housing.

New Listings increased 4.0 percent to 48,571 in the fourth quarter of 2014.
New Listings increased 4.0 percent to 48,571. Pending Sales were up 6.8 percent to 30,976. Inventory levels grew 3.5 percent to 102,771 units.
The Median Sales Price increased 1.5 percent to $165,000 in the fourth quarter of 2014.
Prices continued to gain traction. The Median Sales Price increased 1.5 percent to $165,000. Days on Market was down 1.2 percent to 84 days. Buyers felt empowered as Months Supply of Inventory was up 1.2 percent to 8.4 months.
Months Supply of Inventory was up 1.2 percent to 8.4 months in the fourth quater of 2014.

Interest rates remained lower than anyone expected for the entire year. That trend snowballed with solid and accelerating private job growth to empower more consumers to buy homes. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery.