But the trend in York and Adams isn't as severe as it is nationwide, experts said.

Dec 28, 2006 — After a record-breaking 2005, homes sales in York and Adams counties slowed in 2006 - just as they did nationally.
And while there's a lot of talk about the housing bubble bursting nationwide, the scenario is unlikely to play out locally, said Steve Snell, executive director of the Realtors Association of York and Adams Counties.

Despite a decline in housing sales, Snell said a number of factors have kept the market in this area strong.

"Historically, we've never had the steep increases and decreases that other areas have had," he said. "Our prices have zipped along at more moderate levels."

Nationally, sales of existing homes are projected to fall by 8.6 percent after rising 4.2 percent in 2005, according to the National Association of Realtors. Median home prices are expected to increase by only 1.4 percent in 2006, which is far smaller than the 12.7 gain the previous year.

It's not expected to be as bad in Pennsylvania, in part because the state didn't have the lofty gains seen in places such as Nevada, California and Florida. From 1995 to 2006, home prices in Pennsylvania rose by 41 percent after adjusting for inflation, according to the Federal Reserve Bank of Philadelphia. Nationally, prices rose by 58 percent.

Snell said housing sales in York and Adams counties have decreased 5.7 percent this year, based on sales data collected in the first 11 months each of 2005 and 2006. There were 6,857 homes sold in York and Adams counties in 2005 - more than had ever been recorded in the two counties in one year, Snell said.

As of the end of November, however, 6,465 homes had been sold in York and Adams in 2006. And Snell said relatively few homes are sold in December, so the number shouldn't change much.

But even though a decline is likely, the number of sales in 2006 represents an increase from 2004 levels, Snell said. And the median buying price of a home in York and Adams rose from $163,000 in 2005 to $174,997 in 2006, he said.

Statewide, the median single-family home price in the third quarter came to $196,100, about the same as a year ago, according to the state real estate group, which doesn't tally condominium prices. In 2005, home prices rose by 2.7 percent over 2004.

Real estate agents say builders have added more higher-priced homes to the market because many moving to the area were willing to pay more. Now, the sales of those homes are down, but the average housing cost in the area has increased.

UPS AND DOWNS

While York and Adams counties have seen smaller declines in sales and a bigger gain in median buying price, local houses have stayed on the market longer in 2006, said Steve Snell, executive director of the Realtors Association of York and Adams Counties

The duration a listed property goes unsold is up to 52 days, on average - seven days longer than in 2005.

But much of that is because of a slowing in the sales of higher-priced homes, Snell said. Moderate and lower-priced houses have sold at a similar pace to previous years.

Source:
http://www.ydr.com/newsfull/ci_4912349