Homeownership In Philadelphia Tumbles, Report Says

The homeownership rate in Philadelphia declined sharply between 2000 and 2012, primarily as a consequence of the prolonged and sweeping real estate downturn that followed the bursting of the housing bubble in 2006-07, according to a study released Wednesday by the Pew Charitable Trusts.

Although Philadelphia’s homeownership rate remains high among the nation’s 30 largest cities, the 7.1 percentage-point drop in owner-occupied units – from 59.3 percent to 52.2 percent, or by 47,082 – was surpassed only by Phoenix, which suffered record foreclosures and price declines when the market swooned, the Pew study shows.

Stagnant incomes, rising home prices, and tight credit, all products of the recession, have cut into owner-occupied numbers, the study showed.

In addition, young professionals who once were the chief source of first-time buyers are either wary of homeownership or burdened by student-loan debt.

Read more at http://www.philly.com/philly/classifieds/real_estate/20140710_Homeownership_in_Philadelphia_tumbles__report_says.html#PLLsApVZLecmI3H2.99

Latest Housing Stats: One York Area Posted 60 Percent Jump In Median Sale Price

Map of Pennsylvania highlighting York County (Photo credit: Wikipedia)

York, PA – If you sold a house in York during the first three months of the year, chances are good that you made a profit from the deal.

Between Jan. 1 and March 31, the median sale price of a home in the York City School District jumped 60 percent while the number of homes sold fell 10 percent, according to data released Thursday by the Realtors Association of York & Adams Counties.

Overall, during the first quarter, the median sale price for a home sold in York County climbed 4 percent from $135,000 in 2013 to $139,997 this year.

Read more: http://www.ydr.com/local/ci_25539459/one-area-posted-60-percent-jump-median-sale

Lancaster County Home Sales Rebound In September

Image via Wikipedia

After the federal tax credit expired for homebuyers in June, home sales in Lancaster County took a nose-dive by more than 50%.  568 homes sold in June.  In July, that number dropped to 276!

Since hitting bottom, the number is steadily climbing.  August home sales numbered 302 and September sales increased by 12.3% to 339.

Settlements for the first nine months of 2010 are 4.5% below the same period for 2009.

Interest rates are below 5% for a 30-year mortgage which is helping to drive home sales. 

Additional positive news is houses are selling faster.  52% of homes sold within two months and 34% sold within 30 days.  The median sale price has also increased over 2009 by 7.9%.