I’ve heard from many members across the state that they’re beginning to see some changes in their markets. For the first time since February, the median price for existing homes sold in Pennsylvania fell month over month, dropping 4.7% in August compared to July, according to a report prepared for the Pennsylvania Association of Realtors®. The median existing home sales price was $209,794 in August, up 5% year over year, but down from July’s record high of $219,154.
Last month, the National Association of Realtors® reported that the national existing home price was $403,800, down $10,000 from June’s high of $413,800, but still up 10.8% from the previous year. And this month, NAR reported the median existing-home price for all housing types in August was $389,500, up 7.7% from August 2021 ($361,500), however, it was the second month in a row that the median sales price retracted.
In Pennsylvania, existing home sales remained steady with 13,486 homes sold in August, up slightly from July and down about 15% from the previous year. NAR reported similar changes last month as well, with existing home sales down in 5.9% in July from June, and down a little more than 20% from one year ago.
The number of listings was down in August, with 40,809 reported, a decrease from 43,275 the previous month and down 22.3% from the previous year. Nationally, inventory rose, with 3.3 months of inventory.
Sales of existing homes has remained steady in Pennsylvania throughout 2022, but sales are still down overall from last year and that’s in large part due to the limited available homes for sale. Pennsylvania continues to see about a three-month inventory of homes, which is down 16% from the previous year.
I know many homebuyers may be hesitant to enter the market. They’re facing the challenge of rising mortgage rates and home prices that are up more than 5% compared to last year, however, current mortgage rates are still very reasonable. As Realtors®, we’re able to help buyers navigate the homebuying process and sellers ensure their homes are priced properly for today’s market.