York, PA Real Estate

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The number of homes sold in York County increased by 10 percent for the first three months of the year, but the median sale price fell by 4 percent when the numbers were compared with the same period last year.

The number of homes sold jumped from 687 to 757, but the sale price dropped from $154,900 to $148,000, according to statistics released Monday by the Realtors Association of York & Adams Counties. RAYAC president Kraig Hursh said home sales have been higher than year-ago levels for nine consecutive months, and attributed some of that increase to a federal home buyer tax rebate program. Buyers who want to take advantage of the credit must have a contract in place by April 30, with settlement by July 1.

The number of sales increased over the past three months because it's "buying season," Hursh said. "School is winding down, and people are thinking it's time to relocate," he said. "The weather's turning. It's typically a time when sales increase." While the numbers are an increase over last year, they lag behind the numbers posted for the last quarter of 2009. For October through December, there were 1,036 homes sold at a median sale price of $157,333.

Prices slump: Hursh said distressed sales are one reason for the decline in median sale prices for the first three months of the year. Distressed sales, such as short sales and bank-owned property sales which generally sell at a discount, accounted for 16 percent of home sales in York County, he said. He could not provide an average percentage of distressed sales in York, as the numbers have historically not been tracked as closely as they are now that Realtors are seeing so many of them. "I'm sure it is higher than normal," he said. "Realtors have seen a lot more of them creeping up." He said the distressed sale trend is likely to continue in the coming months because people are still having trouble with their mortgages. The number of homes sold at sheriff sales and the number of foreclosure filings both increased for the first three months of the year, according to the county offices. York City has been hit particularly hard by distressed sales, he said. There are many homes selling; the number increased 21 percent over last year, from 78 to 94 homes sold. However, the emergency sales have contributed to the median sale price's 18 percent plummet, from $47,200 to $38,900.

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