LEMOYNE, Pa., April 13, 2016 /PRNewswire-USNewswire/ -- Pennsylvania home sales are up while inventory continues its downward trend in the first quarter of the year, compared to the same period last year, according to a report published today by the Pennsylvania Association of Realtors® (PAR). Closed sales were up 9.8 percent and inventory dropped 4.2 percent.
"Markets throughout the commonwealth are seeing a shortage of inventory," said PAR President Todd Polinchock. "We're seeing consumers interested in buying, but it's more difficult to find a property that meets their needs because of the smaller inventory. That's also reflected in the months' supply, which dropped 13.3 percent year over year."
The median price rose slightly by 1.3 percent to $155,000 in the first quarter of 2016, compared to the first quarter of 2015. New listings were up 7.3 percent in the same quarter, year over year, and days on market dropped 7.4 percent to 88 days in the same period.
"Overall, most areas of Pennsylvania are seeing a healthy real estate market with prices rising moderately and fewer days on market," Polinchock added. "With positive employment figures and low mortgage rates, we should see buyer and seller confidence continue to increase. I think we could see a strong second quarter, but continuing low inventory could make it difficult to continue to sustain sales increases throughout the remainder of the year."