Pennsylvania Median Sales Price Rose Slightly in February

News provided by

Pennsylvania Association of Realtors

Mar 21, 2023, 10:42 ET

Audio quote of Al Perry:
https://parealtor.box.com/s/c9m0yecf9irprznichm344vc1bjxtpsd

LEMOYNE, Pa., March 21, 2023 /PRNewswire/ -- The February housing market remained steady compared to the prior month, according to a report prepared for the Pennsylvania Association of Realtors^®.

"January and February reflected similar numbers across the board," said PAR President Al Perry. "The number of listings on the market was down about 17% in February with just over 31,000, compared to the same time in 2022, while in January, listings were down about 16%. These challenging inventory conditions are commonplace across many markets."

The number of homes sold was down in February, compared to the previous year. "As a result of the tight inventory situation and higher interest rates, we're seeing sales numbers about 21% lower than the year before," Perry said. "There's a bit of a balancing of the market over the past several months between buyers and sellers. Interested buyers are finding there's more room for negotiations than there was a year ago."

The median home sales price rose slightly in February to $199,678, compared to $195,123 in January. "The median price was up about 7% compared to the same time in 2022," he added.

"Working with a trusted Realtor^® can help both buyers and sellers in today's real estate market. Interested buyers need to be pre-approved for a mortgage and be ready to make an offer once they've found a house that meets their needs," Perry said. "For those ready to sell their home, working with a real estate professional to prepare the home to look its best, price the home correctly and list it will help you get the best price possible."

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