Jan 15, 2016 06:39 AM EST
The sales of existing homes in Pennsylvania have increased by 11 percent by the end of 2015, as compared to the sales by the end of the previous year.
"We're continuing to see steady growth over the past four years in most markets throughout the commonwealth," said Pennsylvania Association of Realtors President, Todd Polinchock. "Positive economic influences like improving employment figures and continuing low mortgage interest rates help create a more balanced housing market."
According to the press release of PAR in PR NewsWire, the number of closed sales in 2015 was at 160,950, compared to the 144,541 in 2014, while the numbers of pending home sales were also up by nearly 13 percent by the end of 2015, over 2014. The median price of homes has also increased by 1.5 percent from $167,500 in 2014 to $170,000 at the close of 2015. Homes for sale also intend to stay in the market for a shorter period of time, decreased by nearly five percent from 84 days in 2014 to 80 days in 2015.
"Consumers looking to purchase a home will find affordable options," Polinchock added. "New listings continue to enter the market, rising around 4.5 percent in 2015. Sellers' confidence is well-founded as we see houses selling at nearly 93 percent of the original list price.
The Pennsylvania Housing Market Report for the fourth quarter of 2015 stated that the Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and that rate is expected to increase in this year. PAR said that better lending standards and foreclosures falling back to more traditional levels, in addition to the decline in unemployment, higher wages, and low fuel prices, have been the contributing factors in the increase in home sales.
The Pennsylvania Association of Realtors is a member organization of the National Association of Realtors, and is comprised of residential and commercial Realtors® who subscribe to the strict Code of Ethics and Standards of Practice.