It is no surprise to most of you that the median home sales price in Pennsylvania rose again in July. A report prepared for the Pennsylvania Association of Realtors® showed the median sales price of homes sold last month was $219,154, up several thousand dollars from June.
I’m sure many of you are seeing the same types of situations in your local market.
In Pennsylvania, the median home sales price is up about 10% compared to last year at this time, as we see rising prices in most markets throughout the state. However, these higher prices in combination with increased mortgage rates are causing an affordability issue for some potential homebuyers.
There were 13,096 homes sold in July, down slightly from June and down about 19% from the previous year.
Some of the buyers I’ve been working with have made offers on multiple properties over a longer period of time before they’ve been successful. After months of touring many homes, submitting offers on multiple properties, agonizing over the properties they didn’t get, they finally closed on their new home. It’s a story I hear from many of you as I talk with you about the market.
Not only are younger buyers facing these challenges. I’ve found that long-time homeowners who are looking to find a new location that’s right for them in their current situation aren’t always able to discover a property that meets their needs and budget.
And while listings have remained consistent over the past few months, they’re still down about 20% year over year, with about three months of inventory available.
This market allows Realtors® to really shine as trusted advisors to both buyers and sellers. As real estate professionals, our value to our clients is evident as we guide them through the process showing them that achieving the dream of homeownership is possible. It may just take a little longer than expected.