Pennsylvania Home Sales Slip

April 15, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums fell from January to February in Pennsylvania but remained above the previous year’s sales levels while home prices edged downward according to the latest housing data from the Pennsylvania Association of Realtors® (PAR).

An estimated total of 3,170 existing single-family homes and condos were sold in the Keystone State in February. That was 4.8 percent lower than the 3,331 homes sold in January but still 21.0 percent higher than the 2,619 homes sold in February 2011.

The average sales price for an existing home in Pennsylvania fell by 1.3 percent in February to $163,400, down from $165,500 in January and was 3.8 percent lower than the median price of $169,900 in February of last year.

Of the 35 regions that provided data for this months report, seventeen of the regions reported gains in home sales or were unchanged from the previous year with Erie (+34.1%), Montour (+30.4%), York (+23.1%), and Lebanon (+20.4%) reporting the largest increases in areas that had at least 30 sales.

Adams (-18.8%), Northumberland (-16.7%) and Franklin (-14.1%) posted the largest declines in annual sales in areas that also had at least 30 home sales.

The Philadelphia region recorded the most sales for the month with an estimated 617 home sales, up slightly from 614 the previous month, while the Montgomery region followed with an estimated 399 home sales for the month, down from 412 in January.

Year-over-year, thirteen regions posted an increase in their average prices led by Adams (+29.6%), Northumberland (+26.9%), Lebanon (+18.5%), and Philadelphia (+5.1%).

Delaware (-12.1%), Franklin (-6.4%), York (-5.0%), and Montgomery (-3.5%) posted the largest declines in year-over-year average home prices in areas that had a minimum of 30 sales.

Tags: existing homes, condos, sales, median home prices, Pennsylvania

Source:
PAR