Lancaster County home sales were up 7.8 percent and prices rose 1.8 percent in February, according to the Lancaster County Association of Realtors.
The association reported 275 home sales for the month compared with 255 in February 2012. The average sale price jumped to $175,226 from $172,100 last February.
Median sale price increased to $162,000 compared with $155,500 in the same month a year ago, according to LCAR.
Meanwhile, pending sales increased 3.2 percent from February 2012, while new listings fell by 1.2 percent.
“Tighter inventories are allowing prices to rise, and the continuing low interest rates are giving buyers confidence to enter the market,” said LCAR President Mike Julian.
The National Association of Realtors said earlier this year that buyer traffic has been up 40 percent over last year. Insufficient inventory has shifted the balance back to a seller’s market in much of the country, according to NAR.