LEMOYNE, Pa., July 14, 2015 (GLOBE NEWSWIRE) -- The Pennsylvania housing market saw a nearly 11 percent hike in closed sales, continuing its positive momentum in the second quarter this year, compared to the second quarter of 2014, according to a report published by the Pennsylvania Association of Realtors® (PAR).
Closed sales numbered 44,277 compared to 39,976 a year ago. New listings increased by more than 3 percent to 86,920 compared to the second quarter of 2014.
"Pennsylvania is experiencing strong demand from home buyers," PAR President Ron Croushore said. "Nationally, statewide and locally, we're seeing more buyers enter the market."
The median sales price jumped to $175,500 in the second quarter, compared to $169,900 the same time last year. Days on market improved by dropping 3.5 percent to 82 days.
"Homes that are priced correctly and in good condition are seeing great activity," he said. "With the increase in new listings, it provides buyers with more options."
According to reports from the National Association of Realtors® (NAR), first-time buyers are having a notable presence on the real estate market. Nationally, first-time buyers are making up 32 percent of all purchases, up from 27 percent a year ago.
"Mortgage rates have inched up slightly and that usually spurs consumers to buy rather than wait for rates to go any higher," Croushore said. "And we're continuing to see the benefits to the Federal Housing Administration (FHA) lowering the fees on mortgages; it's helping to bring more home buyers to the closing table."
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.
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