NEW RECORD SET FOR PENNSYLVANIA’S MEDIAN SALES PRICE
The Pennsylvania housing market broke a record in June when the median sales price for a single-family home reached $229,004 – a 4% leap above previous record of $219,811 set in May.
According to data from the Pennsylvania Association of Realtors (PAR), the state’s median price was up 5.5% from one year earlier.
“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.”
Last month, Pennsylvania’s home sales totaled 12,383 transactions, up 12% from May but down 19.5% from June 2022. Listings dropped slightly in June compared to May but crashed by 27.5% from one year ago.
“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.”