Home Sales Locally are up 5%
Despite the turmoil created by the coronavirus, Year-over-year homes sales are up locally and only slightly down nationally. As of today, April 21st, the Centre County Association of REALTORS have closed 356 residential properties in the 5 Centre County School Districts. Last year at this time, there were 340 closed properties. That's a 5% increase which is amazing considering the Stay-at-Home Order and the resulting ramifications to sales. This illustrates just how strong our local real estate market was when this pandemic began. Nationally, home sales for the 1st Qtr of 2020 are less than 1% below the sales of the 1st Qtr of 2019.
Home prices remain strong and NAR's chief economist, Lawrence Yun, expects that prices will continue to increase. In March, the median existing home price was $280,600 which is up 8% from a year ago. Home prices rose in every region of the United States last month.
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