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Pennsylvania existing home sales were up 11 percent at the end of 2015 compared to the end of the previous year, according to a report published today by the Pennsylvania Association of Realtors (PAR). Closed sales numbered 160,950, compared to 144,541 in 2014. Pending sales were also up nearly 13 percent at the end of 2015, over 2014.
"We're continuing to see steady growth over the past four years in most markets throughout the commonwealth," said PAR President Todd Polinchock. "Positive economic influences like improving employment figures and continuing low mortgage interest rates help create a more balanced housing market."
The median price gained traction, increasing 1.5 percent to $170,000 at the close of 2015, up from $167,500 in 2014. The number of days a home is on the market continued to fall nearly five percent, with the year end at 80 days, compared to 84 days a year ago.
"Consumers looking to purchase a home will find affordable options," Polinchock added. "New listings continue to enter the market, rising around 4.5 percent in 2015. Sellers' confidence is well-founded as we see houses selling at nearly 93 percent of the original list price.