Home Sales Climb 4.5% in Latest Monthly Report

The latest monthly housing report prepared for the Pennsylvania Association of Realtors® shows a steady market as both total listings and the median sales price held nearly even with last month’s figures. Sales were up 4.5% compared to the previous month.

There were more than 43,600 listings in October, which reflects little change from the 43,300 listings in September. Listings are up about 50% compared to earlier this year, with just over 29,000 in January.

The median price for the homes sold last month was $300,000, up minimally from $299,900 in September.

The commonwealth experienced a 4.5% increase in sales in October compared to September, indicating continued consumer interest in owning a home. Sales were up 6.4% year-over-year.

Pennsylvania had the most listings in the $125,000 to $249,999 price range, followed by the $250,000 to $374,999 range. Those two price ranges have about four months of inventory. Homes priced over $875,000 saw the greatest months of inventory. Those priced between
$875,000 and $999,999 had 6.1 months of inventory; homes priced between $1 million and $1.99 million had 7.4 months of inventory; and homes priced over $2 million had 15.8 months of inventory.

In the overall market, as new listings tick upward, it helps to balance the market, and a balanced market benefits both buyers and sellers. Sellers see consistent demand, and buyers have more opportunities to find the right home.

In most regions in the commonwealth, we see a stable market overall, with prices and total inventory holding firm. The steady median sales prices indicate an ongoing buyer demand and sustained confidence in the market. Steady listing totals also suggest sellers remain engaged, even as seasonal patterns typically begin to cool in the fall.

A stable month-over-month report is encouraging — it shows consumers that the market can satisfy their housing needs. But it also highlights the need for expert insight. As real estate professionals, we know that Realtors® help consumers navigate the nuances that don’t always show up in the headline numbers.