As Realtors®, we know our local markets better than anyone. I’ve talked with many of you across the state and nearly all of us are facing the same persistent low inventory issues that continue to affect our clients’ ability to purchase a home.
The Pennsylvania Association of Realtors®’ monthly housing reports continue to reflect this. Last month, the number of listings remained nearly the same compared to June this year, with 35,860 listings on the market. However, listings are down nearly 28% compared to July 2022.
The low housing inventory has become a defining characteristic of the real estate market. The ongoing shortage of homes available continues to put pressure on the market and as demand remains strong, our clients often find themselves in competition for homes.
In July, the median home sales price remained steady at $225,278, up 2% from the same time the previous year.
Home prices remain strong throughout most markets in Pennsylvania. There was about a 2% decrease in the median price between June and July, indicating that home prices remain reasonably consistent.
The number of homes sold in July fell compared to June sales, which is consistent with the seasonality of our market cycle. 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.
Strong real estate professionals genuinely shine in these challenging markets. Customers depend on our expertise because we know how to guide our clients in the current climate and help them prepare for both the buying and selling process.