LEMOYNE, Pa., April 13, 2015 (GLOBE NEWSWIRE) -- The Pennsylvania housing market saw a nearly 11 percent jump in closed sales in the first quarter of 2015 compared to the same quarter in 2014, according to a report published by the Pennsylvania Association of Realtors® (PAR).
Closed sales numbered 28,111 compared to 25,400 a year ago. New listings increased by nearly 6 percent to 60,204 compared to the first quarter of 2014.
"We're seeing healthy activity in markets throughout the Commonwealth," said Ron Croushore, president of PAR. "While each local real estate market is unique, I think most markets are looking positive and will see a healthy increase in 2015. Consumers are showing more interest in buying homes and sellers are often receiving multiple offers on listings."
The median sales price rose slightly to $158,000 in the first quarter, compared to $155,000 the same time last year. Days on market remained steady at 95 days.
"With continued low interest rates and an awareness that rates might change, we've seen an increase in consumer confidence," Croushore said. "Rental prices continue to climb and consumers are seeing many financial benefits to purchasing a home."
Croushore said the recent change by the Federal Housing Administration (FHA) which lowered the mortgage insurance premium, is saving homebuyers in Pennsylvania a minimum of hundreds of dollars a year in their mortgage payments. "Initiatives like this encourage first-time buyers to enter the market," he added.
For a full copy of the report, visit PARealtor.org.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 30,000 members in the Commonwealth of Pennsylvania.