News

Midstate housing indicators indicate slow recovery

Written by Craig Layne and Radio Pennsylvania | Dec 10, 2012 4:36 PM
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(Harrisburg) -- Organizations measuring the housing market in the midstate say key indicators show a recovery is likely moving very slowly.

The Realtors Association of York and Adams Counties reports a roughly 10 percent increase in the number of homes sold between this November and the same month in 2011.

The Greater Harrisburg Association of Realtors also shows increases in sales year-over-year in October in Cumberland, Perry and Dauphin counties.

Real estate information Website RealtyTrac lists Middletown, Dauphin County, and Camp Hill, Cumberland County, among the communities with the highest gains in home sale prices in the state this month.

Real Estate Business Intelligence reports Franklin County home sales are up nearly 29 percent year-over-year.

Pennsylvania Housing Finance Agency Director of Homeownership Programs Kate Newton says the numbers reflect advantages for home-buying - like historically low mortgage interest rates.

"A few years ago when we were in the bubble, housing values were higher, and acutally for first-time buyers who didn't have that home to sell, it made it harder for them to buy even though the market was robust and was thriving," Newton says.

The Federal Housing Finance Agency shows home prices declined in the third quarter of the year in the York-Hanover, Reading, Harrisburg-Carlisle, and Lebanon areas.

At the same time, real estate research firm CoreLogic reports an increase in foreclosure rates in the same areas.

Published in Adams County, Cumberland County, Harrisburg, Lancaster, Lebanon, News, Perry County, York

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