The Pennsylvania Association of Realtors said the state’s housing market saw a slight decline in the second quarter of 2014.
According to a report released by the association, both home sales and the median sales price fell compared to the second quarter of 2013.
The report shows there were 38,701 sales closed in the second quarter, down nearly 4 percent from the same period last year.
Based on multiple listing systems, the median sales price dropped nearly 3 percent to $170,000 compared to the second quarter of 2013.
Inventory jumped nearly 9 percent to 82,013 for the quarter compared to 75,515 in the second quarter of 2013.
"Many areas had seen a limited inventory in the last several quarters but I think it's a positive indication that sellers are putting homes on the market," said PAR president Kim Skumanick.
Days on market continued to fall, down a little more than 3 percent in the second quarter to 84 days, compared to the same period in 2013.
"Interest rates are lower than a year ago, which has helped the affordability of homes,” Skumanick said. We're continuing to see a somewhat restrictive mortgage market and with tight credit; it can make it difficult for many buyers."
To review the entire statewide report, visit parealtor.org.
Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.View Comment Policy