Pending Sales in June are best for the month since 2005; Settled Sales are highest ever!
Pending home sales climbed 8.7 percent in June, despite a shortage of homes for sale, the Lancaster County Association of Realtors said Monday. The county last month saw 600 pending sales, up from 552 in June 2016.
That June figure was the strongest for that month since 2005, when 600 pending sales were notched as well, according to LCAR. The robust number of pending sales comes amid a record low number of homes for sale, observed LCAR President Jennifer King. Achieving that sales feat under those circumstances “clearly shows the phenomenal interest there is right now in buying a home in Lancaster County,” said King in a prepared statement. “If you have thought of selling your home, conditions couldn’t be more ideal than they are right now,” she added.
A healthy job market and a recent drop in mortgage rates is fueling the sales surge, said Lawrence Yun, chief economist for the National Association of Realtors. Homes are selling fast — 75 percent of the pending-sale properties in June were on the market for just two months or less — and often attracting multiple offers, LCAR says. Expect inventory to remain tight in the near future, as the number of new listings in June fell 8.7 percent. A pending sale occurs when a buyer and seller agree to a transaction. This is known as placing the home under agreement or under contract. Most pending sales are finalized at settlement in 30 to 60 days.
The county saw a record 697 settled home sales in June, the most for any month ever, up 6.6 percent from June 2016’s 654.The previous record high for any month was 666, set in June 2004. The record was foreshadowed by an 11.8 percent uptick in pending sales in May. With demand up, so were prices. The average selling price of those settled transactions was $223,000, the highest for any month ever, and an increase of 5.9 percent from June 2016’s $211,000.
Jul 18, 2017