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Pennsylvania Housing Market Sees Second-Quarter Slowdown

market-studiesLike much of the country, Pennsylvania's housing market showed a little more life in the second quarter than in the first, though activity fell short of last year.

According to the state's Realtor association, Pennsylvania saw 38,701 closed home sales statewide in the second quarter, down 3.7 percent from a year ago.

The decline is still an improvement compared to the first quarter, which saw sales drop 4.5 percent year-over-year to 24,969.

The median sales price was also down annually, falling 2.8 percent $170,000 in the first quarterly decline in more than two years.

"We're seeing some pockets of the state with positive growth, while others are a little more lackluster," said Kim Skumanick, president of the Pennsylvania Association of Realtors. "Many regions [are] experiencing increased activity with homes in the higher than average-price ranges."

In a more positive development, the association reported an 8.6 percent jump in new inventory to 82,013. Still, demand continues to outpace supply, with the average number of days on market declining 3.4 percent to 84 days.

Meanwhile, buyers have other challenges to deal with.

"We're continuing to see a somewhat restrictive mortgage market and with tight credit, it can make it difficult for many buyers," Skumanick said.

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