State housing market sees increases in second quarter

We’re continuing to see good news throughout the state according to numbers released this week in PAR’s second quarter state housing market report.

Closed sales were up nearly 11 percent in the second quarter of 2015, compared to the same time last year, according to the report. Closed sales numbered 44,277 compared to 39,976 a year ago.

Realtors® I’ve talked to throughout the state are seeing strong demand from home buyers. Nationally, statewide and locally, we’re seeing more buyers enter the market.

The median sales price jumped 3.3 percent to $175,500 in the second quarter, compared to $169,900 the same time last year. We saw an improvement in days on market which dropped 3.5 percent to 82 days. New listings increased by more than 3 percent to 86,920 compared to the second quarter of 2014.

We know that homes that are priced correctly and in good condition are seeing great activity. With the increase in new listings, we’re able to provide our buyers with more options.

Reports from the National Association of Realtors® (NAR) show first-time buyers are having a notable presence on the real estate market. Nationally, first-time buyers are making up 32 percent of all purchases, up from 27 percent a year ago.

Mortgage rates have inched up slightly and as Realtors®, we know that usually spurs consumers to buy rather than wait for rates to go any higher. Thanks to NAR’s efforts to lower the fees on Federal Housing Administration (FHA) mortgages, we’re continuing to see the benefits; it’s helping to bring more home buyers to the closing table.

To review the entire statewide report, visit PARealtor.org.