Pennsylvania Median Home Sales Price Holds Steady in August

News provided by

Pennsylvania Association of Realtors(R)

Sep 20, 2024, 12:23 ET

LEMOYNE, Pa., Sept. 20, 2024 /PRNewswire/ -- Pennsylvania's August housing market remained steady, reflecting consistent prices, demand and supply levels, according to a report prepared for the Pennsylvania Association of Realtors®. In August, the median home sales price remained about the same as July, at $305,000. The price is up 7% compared to August 2023, when the price was $285,000.

The number of homes sold was constant at 11,514 in August, which was down just 1% year over year. Listings in August were at 37,664, up 3.5% over the same period last year.

"We've been seeing stable prices and inventory at the state level, although conditions may vary somewhat in local marketplaces," said PAR President-elect Bill Lublin. "We continue to see multiple offers on properties, although fewer numbers than we were seeing a year ago. Though the market is still very competitive, more houses offer buyers more opportunities and, with professional guidance, more success."

Working with a real estate professional can help both buyers and sellers achieve their goals, but not all real estate professionals are Realtors^®. "A Realtor® is a professional who has pledged specifically to work in your best interest," Lublin said. "And that's crucial when you're buying a home, which is one of the largest purchases a person makes in their lifetime."

Last month, changes to the homebuying process took effect. "Before touring a home with a buyer agent, either in-person or virtually, consumers must enter into a written agreement with that agent outlining the agent's fees and services," Lublin added.

Written buyer agreements are not new to Pennsylvania. The written agreement outlines the services the agent will provide and the compensation for those services. Compensation remains negotiable.

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(R)