The number of home sales in Pennsylvania dropped last month, according to this month’s PAR housing report. The housing market saw a 27% decline in the number of sales in January, with just under 7,000 sales, compared to 9,176 in December.
The real estate market traditionally sees fewer sales in the winter months, however the sales in Pennsylvania are down about 30% from the same time last year. We know that’s due to a number of reasons, including declining listing inventory and higher interest rates this year.
The number of listings in January was 30,513, down 16.5% year over year. This number has continued to drop over the past several years and there are currently about 28,000 fewer homes on the market than in January 2020.
Some buyers may be on the fence about entering the market. Now’s the time to remind them that buying a home is an investment that helps build wealth over time. And to reassure them that current interest rates, while higher than they were, are still very reasonable. For those of us who have been in the industry for more than a few years, we know that interest rates have been much higher.
For our sellers, home prices are remaining steady. The median sales price of homes sold was $195,123 in January, up 2.5% year over year.
There’s still strong consumer interest in buying a home and strategically priced homes are selling fairly quickly.
As trusted real estate professionals, this is our time to shine. We can provide valuable insights into today’s market for buyers, sellers and investors.