Market Report & Homes Sales: Furlong PA 18925 for July 2015

Market Report & Homes Sales:  Furlong PA 18925 for July 2015

The median sales price for homes in Furlong PA for March 15 to June 15 was $416,750. This represents an increase of 6.3%, or $24,750, compared to the prior quarter and an increase of 11.1% compared to the prior year.

Sales prices have appreciated 9.1% over the last 5 years in Furlong. The average listing price for Furlong homes for sale was $610,161 for the week ending June 17, which represents an increase of 6.6%, or $37,597, compared to the prior week and an increase of 6.9%, or $39,612, compared to the week ending May 27.

Average price per square foot for Furlong PA was $173, an increase of 4.2% compared to the same period last year.

Furlong Summary

The median sales price for homes in Furlong PA for March 15 to June 15 was $416,750 based on 17 home sales. Compared to the same period one year ago, the median home sales price increased 11.1%, or $41,750, and the number of home sales decreased 26.1%.

There are currently 67 resale and new homes in Furlong including 1 open house, as well as 11 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

The average listing price for homes for sale in Furlong PA was $610,161 for the week ending June 17, which represents an increase of 6.6%, or $37,597, compared to the prior week.

Buying vs. Renting?

AND THE WINNER IS . . .

Is it better to buy or rent? Whether renting is better than buying depends on many factors. Low mortgage rates are helping to keep home buying more affordable. According to one analysis homeownership is 38% cheaper than renting in the 100 largest metro areas.

Assuming the following:

• Buy a home with 20% down, borrowing the rest over 30 years at a fixed rate of 4.5%.
• Itemize your federal tax deductions and are in the 25% tax bracket
• Stay in your home for at least seven years
• Home prices appreciate at a fairly conservative 2% annual rate