Tight Housing Inventory Affects Pennsylvania Real Estate Market

News provided by

Pennsylvania Association of Realtors

Aug 22, 2023, 09:27 ET

An audio quote from Al Perry is available at PARealtors.org/housing-report

LEMOYNE, Pa., Aug. 22, 2023 /PRNewswire/ -- Persistent low inventory continues to affect homebuyers' ability to purchase a home in Pennsylvania. The number of listings remained about the same in July compared to June this year; however, total listings are down nearly 28% compared to July last year, according to a report prepared for the Pennsylvania Association of Realtors®. There were 35,860 listings on the market last month.

"Low housing inventory has become a defining characteristic of the real estate market," said PAR President Al Perry. "The ongoing shortage of homes available continues to put pressure on the housing market and as demand remains strong, buyers often find themselves competing for homes."

The median home sales price remained steady at $225,278 in July, up 2% from the same time the previous year.

"Home prices remain strong throughout most markets in Pennsylvania. We saw about a 2% decrease in the median price between June and July, which indicates that home prices are remaining reasonably consistent," Perry said.

The number of homes sold in July fell compared to June sales which is consistent with the seasonality of our market cycle. Year over year, the impact of the limited inventory is clearly affecting sales.

"Sales are down about 21% in July compared to the same period last year. We're still seeing robust interest from consumers looking to purchase a home; however, there are limited homes on the market to meet the demand. A real estate professional can help buyers find a home that best meets their needs and help them navigate this market," he added.

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