York's fall housing market continues summer sizzle
- With 506 homes sold in September, the York housing market surpasses 500 sold for 5 straight months.
- Homes sales have shown year-over-year growth in the county for 22 consecutive months.
- With low inventory, Realtors expect sale price increases.
More than 500 homes were sold in York County each month this summer, and that trend has continued into the first month of fall.
A total of 506 homes were sold in the county in September, according to a report from the Realtors Association of York and Adams Counties.
That figure represents a 21 percent increase over September 2015. Year-over-year monthly home sales have shown growth in the county for 22 consecutive months.
That streak doesn't appear to be coming to an end any time soon, according to RAYAC president Tony Thomas.
Thomas said he was not surprised by another great month, as numerous transactions completed toward the end of the summer were settled in September.
The great run on home sales — more than 2,800 sold in York since May — has left the market with low inventory, Thomas said.
Local Realtors have noted a lack of high-quality inventory since late last year. Thomas said that issue had started to dissipate during the summer, but he said Tuesday that they now have 600 fewer homes to sell than at this point last year.
"That's just the way the market goes," he said, adding that high buyer activity and low inventory will lead to price increases.
Homes sold in York for a median price of $162,500 in September, a 2 percent increase over September 2015. To date, the median home sale price is 5 percent higher in 2016 than it was at this point last year.
Thomas said a 5 percent return is typical in a good housing market, but he foresees that number going up given the market's current climate.
Eastern, South Eastern and Central school districts have already been seeing higher returns this year, with median sale prices rising 19 percent, 12 percent and 11 percent, respectively, year-over-year thus far.