The Pennsylvania median home sales price hit $216,187 in June, up about $5,000 from May, according to a report prepared for the Pennsylvania Association of Realtors®. That’s also up 6.2% compared to the same time last year.
As I’m attending meetings across the state, I’ve heard from many local leaders who said the median home sales prices are climbing in their local markets throughout the commonwealth, with some areas marking record highs. I know most of us are seeing this.
This continues to be a supply-and-demand issue. With listings down about 23% from last year, prices are going up because there’s still a demand for homes.
And most research shows that the inventory demand isn’t a quick or easy fix for several reasons. Builders have under-built homes over the past decade and they’re now facing increasing costs and local regulations, which has made building even more expensive.
NAR research shows that the millennial generation, the largest generation in the country, will see a peak number of people, ages 28-33, entering the market in the next several years. Additionally, baby boomers have been living in their homes longer than we’ve previously seen.
There were 14,182 properties sold in Pennsylvania last month, up compared to May, but down 16% year over year.
I’m sure for many of you that rising mortgage rates have had some effect what properties buyers may be able to afford. In my market, we’re still seeing multiple offers on properties, maybe not as many, and not as many that are 10% or more over asking.
PAR’s housing report shows the inventory supply is just under three months, which means we’re still not in a balanced market and demand is exceeding what’s available.
This rapidly changing market makes it difficult for consumers to navigate. Your expertise helps guide them to evaluate their home needs, get pre-approved for a mortgage, make the best offer and have patience as they find the home of their dreams.