Thanks in part to bad weather, the Pennsylvania housing market got off to a slow start in the first quarter of 2014, according to a report released by the Pennsylvania Association of Realtors.
Overall home sales declined 6 percent in the first quarter compared to the first quarter of 2013. The report shows 24,250 closed sales in the first quarter of 2014, based on multiple listing systems reporting to the association.
On a positive note, median sales prices continued an upward momentum, rising about 2 percent in the first quarter to $155,000. In addition, days on market continued to fall, down nearly 4 percent in the first quarter to 95 days, compared to 99 days in the same period in 2013.
New listings decreased 7 percent in the first quarter compared to the same time last year.
Adverse weather conditions may have been a contributing factor.
“Across much of Pennsylvania, we experienced a harsher than normal winter,” said 2014 Kim Skumanick, president of the association. “I think with the warmer spring temperatures and favorable interest rates, we’ll see a renewed optimism in the real estate market.
“We’re seeing positive trends in the national economy that should result in a healthy spring housing market,” Skumanick said. “While interest rates are slightly higher than their all-time low, they remain attractive and affordable. Buying a home is still a great investment to help build long-term wealth.”
The statewide housing market report is available at parealtor.org.