Market Report: New Britain PA Real Estate for October 14, 2013
The median sales price for homes in New Britain PA for July13, 2013 to October 13, 2013 was $269,900. This represents an increase of 56.4%, or $124,000, compared to the prior quarter and an increase of 37.2% compared to the prior year.
Sales prices have appreciated 6.2% over the last 5 years in New Britain. The average listing price for New Britain homes for sale was $609,750 for the week ending October 9, 2013, which represents an increase of 0%, or $0, compared to the prior week and an increase of 37%, or $164,609, compared to the week ending September 18, 2013.
Average price per square foot for New Britain PA was $157, a decrease of 12.8% compared to the same period last year.
New Britain Summary
The median sales price for homes in New Britain PA for July 13 to October 13 was $269,900 based on 7 home sales. Compared to the same period one year ago, the median home sales price increased 5.8%, or $14,900, and the number of home sales increased 75%.
There are currently 5 resale and new homes in New Britain including 0 open houses, as well as 3 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in New Britain PA was $609,750 for the week ending October 9, 2013, which was unchanged compared to the prior week.
What's New
Sales of new single-family homes bounced back in August, helping to offset a large decrease in July after borrowers pulled back from higher mortgage rates, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Pending home sales, however, showed signs of backtracking, the National Association of REALTORS® says.
New-home sales rose 7.9 percent in August following July's 14.1 percent decline, a sign that higher interest rates haven't put a long-lasting damper on home-buying activity, says Rick Judson, chairman of the National Association of Home Builders.
"Consumers are adjusting to the reality of today's higher rates following a period of record-setting lows, and today's sales report provides evidence of that," Judson says. "We expect to see more buyers coming back to the market as the psychological effects of the rate gains continue to wear off — particularly since, even after the recent spike, mortgage rates remain exceptionally favorable on a historic basis."
Source: Trend MLS and Realtor.com
Market Report: New Britain PA Real Estate for October 14, 2013
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