Housing Market Data

Pennsylvania Housing Market Report for the fourth quarter of 2016

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Kim Shindle
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Previous Reports

Third Quarter, 2016 | Second Quarter, 2016
First Quarter, 2016
Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

New Listings decreased 7.5 percent to 36,121. Pending Sales were down 1.9 percent to 26,765. Inventory levels shrank 21.9 percent to 54,679 units.
Prices continued to gain traction. The Median Sales Price increased 4.6 percent to $170,000. Days on Market was down 3.8 percent to 75 days. Sellers were encouraged as Months Supply of Inventory was down 25.0 percent to 4.8 months.

The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers.

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