Pennsylvania Housing Prices Increase 16% In March 2021 Compared Year Over Year

News provided by

Pennsylvania Association of Realtors

Apr 08, 2021, 08:57 ET

LEMOYNE, Pa., April 8, 2021 /PRNewswire/ -- Inventory continues to be a challenge in the statewide housing market, according to a recent report from the Pennsylvania Association of Realtors®. Housing stock was down 39% in March 2021, compared to March 2020, with just a 1.78 month's supply available.

"Low inventory continues to affect most areas of the state. Throughout the first quarter, we've seen less than a two-month supply available every month. Ideally, a six-month supply is what you'd like to see for a balanced market," said Christopher Raad, PAR president. "We're seeing about 10,000 fewer listings each month, compared to the same time last year."

This year, there were 20,423 new listings reported in March, compared to 33,948 in March 2020.

"If more inventory was available, I think we'd see even higher home sales because there's demand from buyers," Raad said. "Instead, we're seeing sales are down slightly in the first quarter of 2021, compared to the first quarter of 2020."

In the first quarter this year, there were 25,505 sales, compared to 26,360 to the same time in 2020.

The lack of inventory and rising demand has led to an increase in housing prices as well. "We've seen a 16% increase in the median sales price compared to last March," Raad said. "The median sales price last month was $185,603, compared to $157,881 last March."

"We remind homebuyers entering the market to be preapproved for a mortgage and be prepared to make an offer quickly," he added. "And for those interested in selling their homes, there's a huge demand."

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 35,000 members in the commonwealth of Pennsylvania.

SOURCE Pennsylvania Association of Realtors