Monthly Market Indicators
October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
New Listings in the Harrisburg region decreased 35 percent to 13. Closed Sales were up 150 percent to 25. Inventory levels fell 22 percent to 46 units.
Prices continued to gain traction. The Median Sales Price increased 11.9 percent to $258,000. Days on Market was up 63.3 percent to 92 days. Sellers were encouraged as Months Supply of Homes for Sale was down 42.2 percent to 2.2 months.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
Housing Supply Overview
Interest rates set new record lows again in October, and are helping to maintain buyer purchasing power in the face of rising home prices driven by multiple offers across many segments of the market. While seller activity in some segments has improved, available inventory remains tight in many areas. For the 12-month period spanning November 2019 through October 2020, Closed Sales in the Harrisburg region were up 35.5 percent overall.
The overall Median Sales Price was up 6.3 percent to $242,000.
Market-wide, inventory levels were down 41.5 percent. The construction type that lost the least inventory was the Previously Owned segment, where it decreased 41.0 percent. That amounts to 2.3 months supply for Single-Family homes and 2.7 months supply for Condos.