Pennsylvania Median Home Sales Price at $307,750 in July

There’s been plenty of speculation about what the recently enacted changes resulting from the National Association of Realtors® settlement will have on the real estate market. As you know, the changes involve eliminating offers of cooperating compensation on the MLS and requiring a buyer to enter into a written agreement with an agent before the buyer can tour a home.

With over 40 years of industry experience, I’ve witnessed numerous changes and learned how well real estate professionals adapt. As we navigate these changes, I am confident that we will continue to provide excellent guidance to consumers in buying, selling, leasing or renting real property.

The most recent numbers from the Pennsylvania Association of Realtors®’ monthly housing report show the state’s housing market fluctuated slightly in July. Last month, the median home sales price decreased less than 2% to $307,750 compared to $312,000 in June. The price is up 7% compared to July 2023.

The number of homes sold rose by several hundred to 11,575 in July, which was up 9.6% year over year.

Inventory remained steady as well, with nearly 38,000 listings in July, which was up less than 1% from July 2023. The report showed inventory was at 3.92 months, up nearly 9% from the same time last year. A balanced market is considered six months of inventory.

We’re starting to see a slight reduction in mortgage rates, which should be helpful to those entering the market. Prices have continued to increase or remain steady throughout the first half of the year, and prices have risen about 7% from the same time last year.

Realtors® are trusted professional advisors who help their clients avoid costly pitfalls and prevent risk in real estate transactions. They’re knowledgeable about their local markets and can provide valuable insight as they navigate the process of buying or selling a home.