Harrisburg-area home sales up 3.5 percent, on pace for record year
Fewer homes are for sale, but the Harrisburg-area housing market is on pace for a record sales year nonetheless.
The Greater Harrisburg Area of Realtors reported a 3.5 percent increase in home sales for the third quarter. It counted 2,851 sales between July and September, up from 2,755 during the same period a year ago.
Overall this year 7,687 homes have been sold, putting the Harrisburg area on pace to potentially crack 10,000 home sales for the first time ever in a year.
To hit that mark, the area would need 2,313 sales in the fourth quarter.
Last year, there were 9,951 home sales in all, including 2,431 in the fourth quarter, according to the association. That's the current high for the Harrisburg area.
The chief obstacle could be active listings of homes for sale, which have been declining each quarter. There were 3,228 properties on the market on the last day of the third quarter, down from 3,928 a year ago.
However, homes sold in the third quarter were only on the market for an average of 56 days compared with 64 a year ago, according to the association.
Strong buyer demand in a low-interest-rate environment, coupled with a tighter inventory of available homes to buy, has driven up prices. For many listings, multiple offers are coming in.
The median-sale price in the Harrisburg area in the third quarter was $181,000, up from $172,000 in the same quarter last year. That median-sale price was the highest the association has seen in the third quarter in the history of its multiple-listing service records, which go back more than a decade.