Housing Market Report

Pennsylvania Housing Market Report for the second quarter of 2015

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Previous Reports

First Quarter, 2015 | Fourth Quarter, 2014
Third Quarter, 2014

The curtain closes and the first half of 2015 is a finished act. Quarterly market analysis helps nudge the real estate story forward for a final bow. The orchestra (consumers) and conductor (the REALTOR®) are thanked. Metropolitan operas, er, markets across the country continue to improve and further perform at peaks not seen in years. Bad memories from that one lousy show known as the Great Recession are pushed even further into the past.

New Listings increased 3.4 percent to 86,920 in the second quarter of 2015.
New Listings increased 3.4 percent to 86,920. Pending Sales were up 8.5 percent to 47,302. Inventory levels shrank 0.1 percent to 120,776 units.
The Median Sales Price increased 3.3 percent to $175,500 in the first quarter of 2015.
Prices continued to gain traction. The Median Sales Price increased 3.3 percent to $175,500. Days on Market was down 3.5 percent to 82 days. Sellers were encouraged as Months Supply of Inventory was down 8.8 percent to 9.3 months.
Days on Market was down 3.5 percent to 82 days in the second quarter of 2015.

Having six months of 2015 data in the books is great, but it is still just intermission at this halfway point of the year. Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch this year.