Pennsylvania Median Home Sales Price Holds Steady in August

The Federal Reserve’s announcement earlier this week that it was lowering interest rates by half a percentage point will help our clients move forward, giving them more buying power.

In addition, earlier this month, the Fed announced significant improvements to how banks would handle low-down payment mortgages under the Basel III “endgame” changes. The National Association of Realtors® President Kevin Sears noted that this “is a win for the housing market, Realtors® and consumers. By making it easier for banks to support low down payment loans, these changes should ensure continued access to affordable home financing.”

In Pennsylvania, the housing market remained steady in August, reflecting consistent prices, demand and supply levels. According to the Pennsylvania Association of Realtors®’ housing report, the median home sales price remained about the same as July, at $305,000 last month. The price is up 7% compared to August 2023, when it was $285,000.

The number of homes sold was constant at 11,514 in August, which was down just 1% year over year. Listings in August were at 37,664, up 3.5% over the same period last year.

We’ve been seeing stable prices and inventory at the state level, although conditions may vary somewhat in local marketplaces. In most markets, we continue to see multiple offers on properties, although in fewer numbers than we saw a year ago. This offers buyers an opportunity to be able to purchase a home.

With the recent industry changes, it’s important to remind consumers of the value of working with a real estate professional, preferably a Realtor®. Both help buyers and sellers achieve their goals; however, Realtors® voluntarily hold themselves to a higher standard of practice because of our commitment to place our clients’ best interests before our own.

We know trustworthy expertise is crucial when consumers are buying a home, which is one of the largest purchases they may make in their lifetime. Realtors® are here to help.