LEMOYNE, Pa., Nov. 21, 2023 /PRNewswire/ — The challenging housing inventory levels and consumer demand are contributing to Pennsylvania median home sale prices maintaining higher values. The Pennsylvania median home sales price was $217,537 in October, up slightly compared to September and up 1.5% year over year, according to a report prepared for the Pennsylvania Association of Realtors®.
“The median sales price has risen 34% over the past five years,” said PAR President Al Perry. “Homes have really appreciated in value in the past several years and we don’t expect to see them falling significantly with the tight inventory most markets are experiencing.”
“The lack of available homes continues to be an issue,” he continued. “Inventory remained about the same in October compared to the previous month this year with 36,839 listings on the market. The number of listings has fallen more than 60% from just five years ago and they’re down more than 21% from 2022.”
Perry continued, “These record-high home prices and tight inventory, combined with 20-year-high mortgage rates, have especially affected first-time homebuyers. According to research by the National Association of Realtors®, first-time buyers made up 32% of all homebuyers last year, up from previous year’s historic low of 26%, but still below the average of 38% since 1981.”
Home sales were down slightly at 9,975 in October from September but were down about 20% year over year.
“Homebuyers rely on using a Realtor® in the sales transactions because of their skills in negotiating, particularly for multiple bid situations. Realtors® are key to guiding their clients through the process, helping prioritize their needs, coordinating home inspections and appraisals and serving as their ally,” he added.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.
SOURCE Pennsylvania Association of Realtors
Originally published at https://www.prnewswire.com/news-releases/pa-home-inventory-down-21-year-over-year-in-october-301994914.html
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