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Harrisburg-area home prices jump 4 percent amid low inventory

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A shortage of homes for sale continues to drive up prices and pull down sales opportunities in the Harrisburg area.

The Greater Harrisburg Association of Realtors said there were 611 homes sold in October for Cumberland, Dauphin and Perry counties — a decline of 5.1 percent from October 2017 when there were 644 sales.

The association said the decline in inventory has hurt sales opportunities even as buyer demand remains strong. Realtors say the lack of homes often leads to multiple offers, which can push up prices. 

Indeed, the median-sale price rose to $178,000 in October, a 4.4 percent increase from the prior-year period.  

By contrast, York County home sales went up in October while prices cooled off a bit.

The Realtors Association of York and Adams Counties reported last week that 511 homes were sold in York County last month, up from 508 a year ago. Meanwhile, the median-sale price dipped to $170,000 from $175,000 a year ago.

County breakdown

The Greater Harrisburg Association of Realtors said Cumberland County had the most home sales in October with 290, down from 322 in October 2017.

Dauphin County was No. 2 with 288 sales, up from 286 a year ago.

And Perry County ended the month with 33 home sales, down from 36 last October.

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Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin and Cumberland counties. Have a tip or question for him? Email him at jscott@cpbj.com. Follow him on Twitter, @JScottJournal.

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