Pennsylvania Median Home Sales Price at $307,750 in July

News provided by

Pennsylvania Association of Realtors

Aug 22, 2024, 09:59 ET

LEMOYNE, Pa., Aug. 22, 2024 /PRNewswire/ -- Pennsylvania's housing market fluctuated slightly in July, according to a report prepared for the Pennsylvania Association of Realtors®. In July, the median home sales price decreased less than 2% to $307,750 compared to $312,000 in June. The price is up 7% compared to July 2023.

The number of homes sold rose by several hundred to 11,575 in July, which was up 9.6% year over year.

Inventory remained steady as well, with nearly 38,000 listings in July, which was up less than 1% from July 2023. The report showed inventory was at 3.92 months, up nearly 9% from the same time last year. A balanced market is considered six months of inventory.

"We're starting to see a slight reduction in mortgage rates, which should be helpful to those entering the market," said PAR Incoming President Bill Lublin. "Prices have continued to increase or remain steady throughout the first half of the year and prices are up about 7% from the same time last year."

Lublin highlighted the importance of understanding how a Realtor® can assist consumers whether they're buying or selling a home as two changes impact the real estate industry.

"Realtors® are trusted professional advisors who help their clients avoid costly pitfalls and prevent risk in real estate transactions," he noted. "They're knowledgeable about their local markets and can provide valuable insight as they navigate the process of buying or selling a home."

Consumers need to know two changes that impact how they work with buyer agents: Offers of compensation are now prohibited in the multiple listing services, but will continue to be an option consumers can pursue through negotiation and consultation with real estate professionals. And buyers working with an agent must enter into a written buyer agreement before the buyer can tour a home.

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