'We've hit the fall season': Start of school, higher interest rates slow York housing sales

Tina Locurto
York Dispatch

Following the start of school for York County residents, housing sales have slowed down as families settle in for autumn.

In August, home sales decreased by 14%. The drop is happening at the same time as a rise in the median sale price — 7% — relative to the same time last year, according to the Realtors Association of York and Adams Counties.

RAYAC President Elle Hale said rising interest rates and the start of school are the biggest factors affecting sales.

Elle Hale

"We've hit the fall season, which typically has a tiny bit of a decrease because you have people going on vacation and then you have families who have children going to school," Hale said. "So during this time period we do get a little bit of a slowdown."

Hale said that the autumn market has less competition compared with the summertime.

Previously, hot competition made it difficult buy a home, as owners typically fielded multiple offers and properties sold quickly. 

More:York County home sales take a tumble through the summer

More:Patience is key to buying a home in current market, York County Realtor says

"Not all homes are selling within a day," Hale said. "I think our average right now is about eight days."

During the first eight months of 2022, York County housing sales overall declined by 6% compared with the same period last year, according to RAYAC statistics. 

And, according to early predictions, the median home sale price will continue to increase in York County — and nationwide — through 2023.

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According to Freddie Mac, the national average for the interest rate on a 30-year fixed mortgage is currently 5.9%. That's up from 3% a year ago.

Although the market will slow through the autumn season, Hale said she's still seeing residents interested in buying.

"With it being fall, we kind of hit a little bit of a slowdown," she added. "Once we hit October, we just have to wait and see with home prices being on the increase."

— Reach Tina Locurto at tlocurto@yorkdispatch.com or on Twitter at @tina_locurto. 

A home for sale on Stanton Street in West York, Monday, Aug. 15, 2022. Dawn J. Sagert photo