Why are ‘steady’ Central Pa. housing prices lagging behind rest of the nation? | South Salem Real Estate

They say slow and steady wins the race. If that is the case, then the all-but-flat housing prices in Central Pa. should be walking away with the title for most stable housing market. Area realtors insist this is the difference between boom and bust – and it’s a good thing.


But it’s hard not to be envious when one looks at the eye-popping housing price increases being realized at a national level. Consider these statistics, compiled by the National Association of Realtors (NAR):


The national median existing-home price – half the selling prices were higher, half were lower — hit $192,800 in April. That equated to an increase of 11 percent, compared to median national sale price in April 2012.


In May, the median national existing-home price zoomed up again, reaching $208,000, for an increase of 15.4 percent from May 2012. These are the most recent months for which national housing sale price stats were available.


Now, compare that with the just-completed quarterly numbers for Dauphin, Cumberland and Perry counties, as compiled by the Greater Harrisburg Association of Realtors.


Median home sale prices for the three counties did increase in the second quarter – but just barely: A scant 0.1 percent from the second quarter of 2012.


Basically, this means prices here held steady, overall. The median sale price of residential homes was $163,000 over the past three months, compared to the median cost of $162,900 in the second quarter of 2012.



Why are ‘steady’ Central Pa. housing prices lagging behind rest of the nation?: Boom & Bust | PennLive.com.

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