The median home sales price in the commonwealth jumped again in May, according to a report prepared for the Pennsylvania Association of Realtors®. The median price of all homes sold in Pennsylvania last month was $211,192, compared to $204,274 in April and up 12.8% over the same time last year.
After talking with many members during PAR’s Business Meetings last week, I’ve heard that the market across Pennsylvania continues to be robust. And like much of the country, we’re seeing prices hit record highs.
The Pennsylvania market also saw a gradual increase in the number of listings from January to May this year. The number of listings in May was 38,974, compared to 31,550 in January.
That’s great news for buyers, however, we’re still down 25.5% from the same time last year. And as you know, that continues to be a challenge for homebuyers entering the market with just under three months of inventory available. Of course, we’d like to see closer to six months of inventory to be closer to a balanced market.
The state report also shows an increase in the number of sales last month, unlike much of the country where existing-home sales fell the last several months.
Most Realtors® I’ve talked with and in my own market, we’re still seeing sellers continuing to see multiple offers, however that has slowed somewhat with the higher mortgage rates.
In Pennsylvania, there were 12,550 home sales in May, compared to 11,373 in April. Sales were down 7.4% compared to last year.
In fact, last month National Association of Realtors® Chief Economist Lawrence Yun predicted more existing-home sales declines in the upcoming months. He noted, “We’ll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years.”