Pennsylvania Real Estate Inventory Climbs in 2014

LEMOYNE, Pa., Jan. 15, 2015 (GLOBE NEWSWIRE) -- Housing inventory improved in Pennsylvania as the real estate market continued its recovery in 2014, according to a report released today by the Pennsylvania Association of Realtors® (PAR).

New listings climbed nearly 4 percent to 259,690 in 2014, compared to 2013. "This shows that homeowners are more comfortable with the market and are listing their homes. Days on market declined 3.4 percent in 2014 over 2013, boosting sellers' confidence," said PAR President Ron Croushore. "The market in many areas of the Commonwealth has been drastically undersupplied so this increase helps insure that buyers have greater choices when selecting a home."

Home sales were up 5.8 percent in the fourth quarter of 2014 compared to the same quarter of 2013, and were up 0.2 percent overall in 2014. The statewide average home sales price increased slightly to $209,195 in 2014.

"It continues to be a good time to invest in a home because interest rates remain low and housing prices are steady;" Croushore said. "All real estate is local. Ask a Realtor® in your community about local real estate market conditions. They're able to provide you with information you need to make an informed decision."

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.