Pennsylvania Median Home Price Holding

There is so much negative news about the housing market. I have recently caught up on some stats that tell Pennsylvania home prices are remaining stable. How encouraging.

This is a partial quote from a recent news release from the Pennsylvania Association of Realtors:

HARRISBURG, PA (May 28, 2008) – Pennsylvania homeowners can rest easy as recent housing statistics report that median home sale prices remain stable at $188,000 for the first quarter of 2008.

“It’s a ‘back-to-basics’ market,” says PAR consulting economist Austin Jaffe, Ph.D., chair of the Department of Insurance and Real Estate at the Smeal College of Business at Penn State University. “The era of easy money and exotic mortgages never took hold among homebuyers in the Commonwealth, so prices in Pennsylvania never increased as much or as quickly in other markets. There’s no reason to expect that prices will fall as much or as rapidly here.”

RealtyTrac ranks Pennsylvania 34th among the 50 states in numbers of foreclosures, well below the national average.

– from the site

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