PENNSYLVANIA MEDIAN HOME SALES PRICE HITS FIVE-YEAR RECORD HIGH IN APRIL

News provided by

Pennsylvania Association of Realtors

May 18, 2022, 09:29 ET

LEMOYNE, Pa., May 18, 2022 /PRNewswire/ -- The median sales price of all homes closed in Pennsylvania last month hit the highest level in over five years, according to a report prepared for the Pennsylvania Association of Realtors®. The median price was $204,274 in April, up 13.4% over the same time last year.

"Prices continue to reflect the strong demand for housing," said PAR President Christopher Beadling. "Rising prices coupled with increasing mortgage rates are creating a more challenging market to navigate for many homebuyers. For a median-priced home, the price difference could mean several hundred dollars a month for buyers."

"It's really important to be prepared and know what the market trends are today," he added. "As Realtors®, we strive to set expectations, so consumers understand how to plot a course in this market."

The number of home sales remained consistent in April at 11,373 compared to March, with 11,421 home sales. Monthly sales are down 6.5% from the same time last year.

Listings also continued at the same level, with 35,919 in April, however, they were down 26.8% over April last year.

"We continue to see record-low inventory, with just 2.64 months' supply in April," Beadling said. "This is down more than 30% over the same period last year."

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