State housing market sees improvement

Housing indicators continue to look positive in Pennsylvania, according to a market analysis report released yesterday by 10K Research and Marketing. The statistics are based on MLS data reported to 10K.

Continuing the trend seen earlier this year, the state housing market has seen an increase in pending sales in the third quarter, up 16 percent over the third quarter in 2011. Inventory levels shrank 11 percent from the same time last year.

Home prices continue to remain stable. The median sales price increased .01 percent to $180,000 in the third quarter while days on market was down 6 percent to 92 days from third quarter 2011.

“While all real estate is local, the indicators show that overall the market is recovering slowly in Pennsylvania,” said PAR President Frank Jacovini. “We know that homes in good condition and priced correctly are receiving multiple offers in the last several months, which is something we haven’t seen in the last couple of years.”

Housing affordability is up 5.8 percent this quarter over last year this time. The index is 182. An index of 120 means the median household income is 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.