The number of residential housing units sold in south central Pennsylvania increased 8.5 percent in the second quarter (April – June) of 2015. According to the Greater Harrisburg Association of REALTORS® Multiple Listing Service, 2,484 units were sold, up from 2,289 units sold in the second quarter of 2014.
“Home sales in the greater Harrisburg area increased in the second quarter of 2015, for the strongest second-quarter since 2007,” says Bernie Campanella, president of the Greater Harrisburg Association of REALTORS®. “Overall, the market is up and continues to improve.”
Median home sale prices increased in the second quarter, up nearly 5 percent from the second quarter of 2014. According to the GHAR MLS, the median sales price of residential homes increased to $169,000, compared to the median cost of $161,000 in the second quarter of 2014.
“The median home sales price increased in the second quarter of 2015, jumping 4.96 percent over the first quarter of 2015. The median home sales price is the highest we have seen since the second and third quarters of 2008,” says Campanella. “I believe the rebound of median sales price, coupled with the increase in units sold, reflect a healthy real estate market in the greater Harrisburg area.”
Listings stayed on the market an average of 87 days – a decrease from an average of 93 days in the second quarter of 2014. The number of active listings at the end of the second quarter 2015 decreased to 4,785, compared to 5,370 active listings at the end of the second quarter of 2014.
Nationwide, existing-home sales increased in May 2015, the latest month for which national data is available. According to statistics compiled by the National Association of REALTORS® (NAR), existing-home sales increased in May to their highest pace in nearly six years. Led by the Northeast, all major regions experienced sales increases in May. Total existing-home sales rose 5.1 percent to a seasonally adjusted annual rate of 5.35 million in May, from an upwardly revised 5.09 million in April. Sales have now increased year-over-year for eight consecutive months and are 9.2 percent above a year ago.
The median existing-home price for all housing types in May was $228,700, which is 7.9 percent above May 2014. The percent share of first-time buyers rose to 32 percent in May, up from 30 percent in April and matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers.