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Lancaster County home sales soar as prices stay near record highs; July median price nearly $344,000 | Local Business

In July, more homes came on the market and sold in Lancaster County as sales prices remained just below June's record high.

The number of new home listings rose to 523 last month, up 14.9% from July 2023 and 8.5% from June, according to the latest real estate market statistics report from the Lancaster County Association of Realtors. The number of closed sales also jumped in July, with 467 sales closed last month, up 8.4% from July 2023 and up 13.3% from the previous month.

The median sales price for a home in the county was $343,750 last month, up 7.4% from July 2023, but down 1.2% from last June, when the median sales price peaked at $347,950. The median price is the price at which half of home sales are higher and half are lower.

“Over the past two months, inventory in Lancaster County has been increasing, and that trend has continued in July,” said Jeff Peters, president of the Lancaster County Association of Realtors, in announcing the monthly figures. “However, the increase in inventory was not entirely due to new listings. We have seen homes stay on the market longer, and we are now experiencing more price reductions than in previous years.”

The July housing market report shows that homes in Lancaster County spent an average of 19 days on the market, compared to an average of 16 days in June. In July 2023, homes spent an average of 15 days on the market.

Peters said lowering mortgage rates could lead to higher home prices if the prospect of lower borrowing costs attracts more buyers.

Lancaster County home prices hit a new record in June, with the median sales price at $348,000

“The expectation of interest rate cuts in the near future has buyers optimistic about their chances of owning a home, but that could bring with it the fallout of rising home values ​​and a competitive environment that some buyers have retreated from. Stay tuned to see if home prices continue to rise or if we are nearing the peak,” Peters said.

The current average interest rate on a 30-year home loan is 6.49 percent, up from 6.62 percent a month ago, according to mortgage investor Freddie Mac's latest weekly report. A year ago, the same average rate was 7 percent.

The July result for Lancaster County home prices reflects data from across Pennsylvania, where the median sales price for a home last month was $307,750, up 7% from July 2023 but less than 2% below the previous month's price of $312,000, the all-time high nationwide.

“We are seeing a slight decline in mortgage rates, which should be helpful for newcomers,” said Bill Lublin, incoming president of the Pennsylvania Realtors Association, in a press release announcing the monthly sales figures. “Prices have continued to rise or remain stable in the first half of the year and are about 7% higher than the same period last year.”

The number of homes sold nationwide rose by several hundred in July, to 11,575, up 9.6% from a year ago, according to the state report. Inventory also held steady, with nearly 38,000 listings in July, up less than 1% from July 2023.

Nationally, existing home sales rose 1.3% last month compared to July 2023, to a seasonally adjusted annual rate of 3.95 million, the National Association of Realtors said this week. The median existing home price for all home types in the U.S. hit a record $422,600 in July last month, up 5.8% from July 2023, marking the 13th consecutive month of increases compared to the same period last year.

The median sales price for homes in Lancaster County reached $330,000 in May, just below the all-time high

Lancaster County median home sales price remains at $325,000 in April; statewide price hits record $280,000

Lancaster County home prices hit record high in March; median price hits $325,000

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