Pennsylvania Home Sales and Listings Down 20% Over Last Year

News provided by

Pennsylvania Association of Realtors

Oct 19, 2023, 09:00 ET

LEMOYNE, Pa., Oct. 19, 2023 /PRNewswire/ -- The number of home sales and listings remains down more than 20% year over year in Pennsylvania, according to a report prepared for the Pennsylvania Association of Realtors®. There were 10,238 home sales in September, down slightly from August and down nearly 21% from the same time in 2022. The number of listings declined 23% in September compared to last year.

"The housing market has remained fairly consistent throughout the commonwealth this year," said PAR President Al Perry. "The challenging inventory situation is reflected in fewer sales. In many markets throughout the commonwealth, buyers have fewer choices and are competing for less homes and navigating the higher interest rates we've seen over the past several months. And the smallest number of homes available continues to be in the $125,000 to $249,999 price range."

The median home sale price decreased for the third month in a row, down 3% from August to $216,249 in September. Home prices in Pennsylvania reached a high of $229,004 in June.

"Home prices are 4% higher compared to last year," Perry said. "Prices remain fairly steady due to the smaller inventory and continued demand."

"Homebuyers who work with a real estate agent who is a Realtor® have someone in their corner who helps maximize opportunities, manages the process and navigates the complicated home buying transaction. Realtors® are familiar with the local market and are skilled negotiators for their clients," 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