Home sales jumped 32% last month compared to the previous one in Pennsylvania, according to the latest housing market report prepared for the Pennsylvania Association of Realtors®. The state saw 11,421 home sales in March, up from 8,607 in February and 9,920 in January. Home sales numbers are down 6.5% year-over-year.
In nearly every market in the commonwealth, we are continuing to see a strong demand for homes and an increase in sales. However, inventory continues to be a challenge for those entering the homebuying market.
The number of houses listed on the market has increased 12.4% since January to 35,497 last month. And while it’s encouraging to see more homes coming on the market, it’s not enough to meet the demand, even with the uptick in mortgage rates. As we see warmer weather and COVID cases continue to fall, we believe more people will be comfortable listing their homes. And we typically see increased activity through the spring and summer months.
Market inventory remains low, with just 2.58 months’ supply, up slightly from earlier this year, but down 27.5% compared to last year. Looking at the numbers from just two years ago, the market had about 25,000 more homes on the market.
The median sales price of all properties closed in March rose 7.38% to $197,787, compared to all properties closed in February and is up 10.5% from the same time last year.
Managing expectations for both our buyers and sellers is the best way to help our guide our clients through this process.