Housing Market Report

Pennsylvania Housing Market Report for the second quarter of 2014

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Previous Reports

First Quarter, 2014 Fourth Quarter, 2013

Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others.

New Listings increased 8.6 percent to 82,013.
New Listings increased 8.6 percent to 82,013. Pending Sales were down 3.7 percent to 40,971. Inventory levels grew 7.4 percent to 112,729 units.
Pending Sales were down 3.7 percent to 40,971.
Prices weakened somewhat. The Median Sales Price decreased 2.8 percent to $170,000. Days on Market was down 3.4 percent to 84 days. Absorption rates slowed as Months Supply of Inventory was up 5.4 percent to 9.7 months.
The Median Sales Price decreased 2.8 percent to $170,000.

Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.