June 2016 Monthly Market Snapshot
July 27, 2016 at 1:01 PM
Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months' supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings in Harrisburg increased 10.5 percent to 21. Closed Sales were down 7.4 percent to 25. Inventory levels fell 18.3 percent to 49 units.
Prices continued to gain traction. The Median Sales Price increased 7.1 percent to $197,000. Days on Market was down 10.5 percent to 70 days. Sellers were encouraged as Months Supply of Homes for Sale was down 20.0 percent to 3.0 months.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.
Housing Supply Overview
Sales have been brisk, particularly at midpoint levels away from the highs and lows, and months' supply of inventory continues to drop, sometimes significantly. For the 12-month period spanning July 2015 through June 2016, Closed Sales in Harrisburg were down 1 percent overall.
The overall Median Sales Price was up 6.3 percent to $197,000.
Market-wide, inventory levels were down 16.5 percent. The price range that lost the least inventory was the $300,001 and Above segment, where it decreased 3.3 percent. That amounts to 3.9 months supply for Single- Family homes and 3.3 months supply for Condos.