It seems like the housing market in September reflected what we’ve been seeing for the last few months. The number of home sales and listings remains down more than 20% year over year, according to a report prepared for the Pennsylvania Association of Realtors®.
We recorded 10,238 home sales in September, down slightly from August and down nearly 21% from the same time in 2022.
Listings last month were more than 36,700, a 23% decline compared to last year.
While the housing market has remained fairly consistent throughout the commonwealth this year, the challenging inventory situation is reflected in fewer sales. In many markets throughout the commonwealth, buyers have fewer choices and are competing for less homes and navigating the higher interest rates we’ve seen over the past several months.
The smallest number of homes available continues to be in the $125,000 to $249,999 price range and the $250,000 to $375,999 price range. PAR’s report shows the greatest inventory remains in the $1 million and up range.
The median home sale price decreased for the third month in a row, down 3% from August to $216,249 in September. Home prices in Pennsylvania reached a high of $229,004 in June.
Home prices are 4% higher compared to last year. Prices remain fairly steady due to the smaller inventory and continued demand.
Homebuyers who work with a real estate agent who is a Realtor® have someone in their corner who helps maximize opportunities, manage the process and navigate the complicated home buying transaction. Realtors® are familiar with the local market and are skilled negotiators for their clients.