Local housing market continues strong year
York County's housing market wasn't quite able to continue its five-month streak of at least 500 homes sold, but its streak of year-over-year home sales growth hit 23 consecutive months in October.
The county saw 471 homes sold during October, which represented an 11 percent increase over the number sold during October 2015, according to a Realtors Association of York and Adams Counties report.
Tony Thomas, RAYAC president, said 2016 has been a great year, and he expects November and December reports to continue this trend despite home sales numbers typically slowing down during winter months.
To date, 2016 home sales numbers are 12 percent higher than they were last year, the report shows. The 4,739 homes sold so far this year is more than the number sold through November 2015.
November will offer the first glimpse of whether the recent election has any impact on the local housing market, though Thomas said any major impact will likely come as a result of any rise in the prime interest rate.
Thomas added that the interest rate was expected to rise regardless of who was elected president.
He said he didn't expect to see demand for housing decline even with higher interest rates but that the increase would lead to higher prices.
The median home sale price in the county this year has been nearly $160,000, which is 4 percent higher than it was last year.