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24-year low for home sales here
(Lancaster New Era (PA) Via Acquire Media NewsEdge) Oct. 2--Home sales tumbled 36.5 percent in Lancaster County during August, sinking to their lowest mark in 24 years.
The average selling price and the number of new listings also declined -- further evidence that the local economy is weakening significantly.
The Lancaster County Association of Realtors reported today that 392 homes were sold here in August, down from 617 sold in August 2007.
It was the weakest volume for that month since August 1984, when 337 homes were sold.
With the latest figures, year-to-date home sales were down 22.9 percent, to 3,162, versus 4,102 homes sold during the comparable 2007 period.
LCAR president Jeff Funk attributed the sales slump to higher mortgage rates and tight credit.
Nonetheless, he said that local homes for sale for less than $250,000, priced right and in good condition "are selling quickly."
Funk, in a prepared statement, noted that 61 percent of homes sold during August were on the market for less than 60 days.
But on average, those homes sold for somewhat less. The average selling price in August dipped 4.1 percent to $197,000 from $206,000.
Pulling down the average was a sharp drop in the number of top-price homes changing hands. Only 13 homes sold for more than $400,000 in August versus 29 in August a year ago.
Gauging the typical selling price another way, the median selling price in August was $177,000, down from $182,500.
The number of new residential listings slid 12.4 percent to 728 in August from 831 in August 2007.
The home-sales statistics are the latest of a recent spate of signs showing a slowing economy here.
Earlier this week, it was reported that the unemployment rate here in August hit a 12-year high of 4.6 percent.
Last week, it was reported that construction contracts fell 70 percent in August. Two weeks ago, it was reported that foreclosures were up 26 percent for the year to date.
To see more of the Lancaster New Era, or to subscribe to the newspaper, go to http://www.lancasteronline.com/newera.
Copyright (c) 2008, Lancaster New Era, Pa.
Distributed by McClatchy-Tribune Information Services.
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