The median home sales price in Pennsylvania rose again in July, according to a report prepared for the Pennsylvania Association of Realtors®. The median sales price was $219,154, up several thousand dollars from June.
“The median home sales price is up about 10% compared to last year at this time, as the commonwealth continues to see rising prices in most markets throughout the state,” said PAR President Christopher Beadling. “Higher prices in combination with increased mortgage rates is causing an affordability issue for some potential homebuyers.”
There were 13,096 homes sold in July, down slightly from June and down about 19% from the previous year.
“The number of listings remained about the same for June and July, which is down about 20% year over year with about three months inventory,” he added.
“We’re still seeing strong demand for homes in most markets and competition for those properties,” Beadling said. “However, conditions are making it harder for first-time buyers to enter the market.”
“Some of the buyers I’ve been working with have made offers on multiple properties over a longer period of time before they’ve been successful,” he continued. “Achieving the dream of homeownership is still attainable, it just requires patience. Realtors® are able to help homebuyers and sellers plan for their success.”
