Pennsylvania Housing Market Slows in Q2

The statewide housing market saw a small decline in the second quarter, according to a report released by the Pennsylvania Association of Realtors (PAR). Both home sales and median sales price fell slightly in the second quarter compared to the second quarter of 2013. The report shows 38,701 closed sales in the second quarter, down nearly four percent from last year at the same time, based on multiple listing systems (MLSs) reporting to PAR. The median sales price dropped nearly 3 percent to $170,000 compared to the same period in 2013. Inventory jumped nearly nine percent to 82,013 in Q2, compared to 75,515 in Q2 of 2013. "Many areas had seen a limited inventory in the last several quarters but I think it's a positive indication that sellers are putting homes on the market," said PAR President Kim Skumanick. Days on market continued to fall, down a little more than three percent in the second quarter to 84 days, compared to the same period in 2013. "We're seeing some pockets of the state with positive growth, while others are a little more lackluster,” Skumanick said. “Many regions area experiencing increased activity with homes in the higher than average-price ranges. Interest rates are lower than a year ago, which has helped the affordability of homes. We're continuing to see a somewhat restrictive mortgage market and with tight credit, it can make it difficult for many buyers."