According to a report released today by the Lancaster County Association of Realtors®
(LCAR), the 575 homes sold in August is a 4.3 percent decrease from the August 2016 mark of 601. The fiveyear average number of sales for August is 543. For the first eight months of the year, there have been 4,125 homes sold compared to 3,999 during the same period of 2016, a 3.2 percent increase.
The average sale price for August 2017 is $204,703, a 3.6 percent decrease from the August 2016 price
tag of $212,377. The median sale price for August 2017 of $187,900 is also a decrease from the August
2016 median price of $190,000 (half of the properties sold during this period sold above the number, and half sold below). The five-year average sale price for August is $203,807.
For August, there were 751 new listings in 2017, a 2.5 percent decrease from the August 2016 new listings of 770. The five-year average of new listings for August is 718.
Pending sales, homes that went under contract in the month of August, increased 4.8 percent from 582 in 2016 to 610 in 2017. Over 73 percent of homes that sold in August were on the market 60 days or less.
“Even though home sales and the average sale price took a step back in August, our pending numbers
show that settled units will rebound in the next several months,” said LCAR president Jennifer King.
“The theme for the year continues to be strong home sales in spite of very tight inventory constraints,
which translates into a listing typically spending a very short amount of time on the market.”
Lawrence Yun, NAR chief economist, says the second half of the year got off on a somewhat sour note
as existing sales in July inched backward. “Buyer interest in most of the country has held up strongly this
summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should have been a higher sales pace,” he said.
LCAR, representing over 1,400 members involved in all aspects of the real estate industry, is one of more
than 1,800 local associations nationwide which comprise the National Association of Realtors.
NOTE: Please contact the Association for comment if any excerpt of this news release is used in an article.