Pennsylvania Home Prices Up Slightly, Sales Down in October

News provided by

Pennsylvania Association of Realtors

Nov 21, 2022, 14:30 ET

LEMOYNE, Pa. , Nov. 21, 2022 /PRNewswire/ -- The number of existing home sales fell again last month to 10,702 in Pennsylvania, down 23% year over year, according to a report prepared for the Pennsylvania Association of Realtors®.

Median existing home sales prices rose slightly last month to $210,132, which is up 9.5% year over year, but down from this year's high of $219,154 in July.

"With the continued limited inventory, we're still seeing home prices hold steady and even increase slightly as we did last month," said PAR President Christopher Beadling. "The number of sales has leveled out with the higher interest rates. These higher rates are primarily affecting first-time buyers who need a mortgage. While higher interest rates have resulted in fewer offers on homes, there are still people who need to purchase a home."

The number of listings declined again to 38,498, down 23.5% year over year.

"When we look back, the number of listings on the market are down more than 60% compared to five years ago," Beadling noted. "The inventory challenge has kept prices up in most markets, not only in the commonwealth but across the country."

"We are seeing homes on the market a little longer than earlier this year," he added. "We're still seeing multiple offers on homes, but the market is definitely changing."

Beadling said working with a Realtor® can help both buyers and sellers understand their local markets and what to expect.

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