Lemoyne, PA – Feb. 21, 2024 (PRNewswire) The median home sales price in Pennsylvania was $198,102 in January, up 2.4% year over year, according to a report prepared for the Pennsylvania Association of Realtors®. However, the price fell about 7.5% compared to December 2023.

“Home prices remained steady throughout last year and we expect to see the same in 2024, which means homeowners are seeing positive results on their investment in a home,” said PAR President Preston Moore.

Listings dropped nearly 20% compared to the same time last year. There were 29,150 listings reported in January, similar to the number of listings in December.

“The real estate market often sees a bit of a seasonal shift during the winter months, with the inclement weather,” Moore noted. “With mortgage rates falling slightly, we typically can expect to see activity pick up in the spring.”

There were 6,790 sales in January, down about 3.4% from January 2023. Sales fell about 27% from the 8,996 sales in December.

“The lower number of sales reflects the lower inventory levels seen in many markets across the commonwealth,” he said. “There are many potential homebuyers in the market, however the challenge continues to be finding a home that meets their needs.”

“Most consumers work with a Realtor®, because they recognize that technology is no substitute for an expert who can help them navigate the homebuying and selling transaction,” Moore added.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania. 

SOURCE Pennsylvania Association of Realtors

Lemoyne, PA – Dec. 20, 2023 (PRNewswire) The median sales price of homes in Pennsylvania climbed slightly in November to $218,380, according to a report prepared for the Pennsylvania Association of Realtors®. The price was up from $217,537 in October and is the same as it was a year ago.

“The median sales prices have displayed remarkable stability this year,” said PAR President Al Perry. “Despite other economic variables, median prices have remained relatively steady, showing that owning a home is a great investment for building wealth.”

The number of listings on the market continues to be down compared to previous years. There were 34,394 listings on the market in November, down 22% year over year and down about 7% compared to October.

“We’re still experiencing a challenging inventory situation,” Perry added. “Interest rates have dropped slightly, which means more potential buyers may be entering the market. Many economists are predicting that the New Year will see some homeowners who will be ready to put their homes on the market.”

There were 9,130 home sales in November, down from 9,975 in October and down 10% year over year.

“Realtors® are trusted advisors to consumers. Whether buying or selling a home, Realtors® help them navigate the financial, legal and community aspects of what are the most complex and significant transactions most people will ever make in their lives,” he added.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania. 

SOURCE Pennsylvania Association of Realtors

Audio quote of Al Perry is available at PARealtors.org/housing-report

Lemoyne, PA – July 20, 2023 (PRNewswire) The Pennsylvania housing market saw a record high median sales price of $229,004 in June, climbing 4% over May’s high of $219,811, according to a report prepared for the Pennsylvania Association of Realtors®. The median price was up 5.5% from 2022.

“Pennsylvania’s overall housing market continues to see an increase in prices, however, it’s worth noting that the market is complex and can vary across the commonwealth,” said PAR President Al Perry. “While a majority of markets throughout Pennsylvania are seeing price increases, other areas may see price stabilization or even moderate declines.”

“While the price surge may benefit sellers and homeowners in the short term, it can present challenges for prospective buyers, particularly those with limited budgets,” Perry said. “It is crucial for buyers and sellers to work with a real estate professional who understands local market conditions to help guide them through the transaction.”

Sales jumped 12% in June compared to May this year, hitting 12,383. Sales are down 19.5% year over year. Listings dropped slightly in June compared to May and are down 27.5% from 2022.

“Lack of inventory is one of the greatest challenges in the market currently for a number of reasons,” Perry added. “The industry has underbuilt for about a decade, we have a large number of millennials looking to establish a home and homeowners who have a low mortgage rate are staying in their homes. Real estate professionals help their clients create a plan so they can achieve homeownership.”

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania. 

SOURCE Pennsylvania Association of Realtors