The Pennsylvania median home price fell slightly to $192,582 in October, compared to the previous month, according to a statewide report prepared for the Pennsylvania Association of Realtors®. However, the median price is still nearly 10% higher compared to the same time last year.
We’re seeing home prices remain strong despite a small dip the last two months. The median price hit the highest in June at just over $203,000 this year and has leveled off since then.
Like the rest of the country, the number of listings continues to be a challenge in most housing markets throughout the state. Listings fell about 5% in October compared to September but are down 22% from last year at the same time.
In my marketplace, we are still seeing a competitive, multiple-offer environment with the lower inventory and high buyer demand for homes that are priced well. With lower interest rates expected throughout the next few months, I would expect this trend to continue.
Overall, the state has about a 3.31-month inventory rate, which is down about 34% compared to last year. A balanced market should have six months of inventory. National indicators show that more homes could be available in the coming months, thanks to new housing construction. I think in most of our markets, we need to see more new home construction to help equalize the inventory situation.
Home sales remained steady over the past several months as well, but are down about 15% compared to last year. I think we all remember the large volume of sales we experienced last year as a residual effect of the pandemic shutdown.
This market continues to show why it’s so important to work with a professional Realtor®. We’re able to help homebuyers navigate the market, advise them to be preapproved for a mortgage and ready to act quickly to help them be more competitive in today’s housing market.