Pennsylvania's Median Home Sales Price Jumps in June

News provided by

Pennsylvania Association of Realtors

Jul 20, 2023, 10:03 ET

Audio quote of Al Perry is available at PARealtors.org/housing-report

LEMOYNE, Pa., July 20, 2023 /PRNewswire/ -- The Pennsylvania housing market saw a record high median sales price of $229,004 in June, climbing 4% over May's high of $219,811, according to a report prepared for the Pennsylvania Association of Realtors®. The median price was up 5.5% from 2022.

"Pennsylvania's overall housing market continues to see an increase in prices, however, it's worth noting that the market is complex and can vary across the commonwealth," said PAR President Al Perry. "While a majority of markets throughout Pennsylvania are seeing price increases, other areas may see price stabilization or even moderate declines."

"While the price surge may benefit sellers and homeowners in the short term, it can present challenges for prospective buyers, particularly those with limited budgets," Perry said. "It is crucial for buyers and sellers to work with a real estate professional who understands local market conditions to help guide them through the transaction."

Sales jumped 12% in June compared to May this year, hitting 12,383. Sales are down 19.5% year over year. Listings dropped slightly in June compared to May and are down 27.5% from 2022.

"Lack of inventory is one of the greatest challenges in the market currently for a number of reasons," Perry added. "The industry has underbuilt for about a decade, we have a large number of millennials looking to establish a home and homeowners who have a low mortgage rate are staying in their homes. Real estate professionals help their clients create a plan so they can achieve homeownership."

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