Double-digit sales growth and a low inventory of homes for sale is not just a local trend, according to second-quarter housing data from the Pennsylvania Association of Realtors.
Across the commonwealth, home sales were up 10 percent in the second quarter compared with the same quarter a year ago. There were nearly 40,000 sales in the quarter — the eighth straight quarterly increase.
Pennsylvania home sales have increased in 10 of the last 12 quarters. The last drop was the second quarter of 2014 when sales fell 1.9 percent.
At the same time, new listings in the second quarter decreased by 8 percent and the total number of homes for sale is off 11 percent from last year, according to the association.
“In many areas, it’s become very competitive to buy a home,” said PAR President Todd Polinchock. “Some properties are seeing multiple bids, particularly in the moderately priced range.”
Midstate Realtor associations have been reporting tighter inventories and more competitive bidding over the past few quarters.
The median sale price across the commonwealth was $175,000 in the second quarter, up 1.7 percent. Prices have increased in eight of the last 12 quarters.
