The median home price in Pennsylvania dipped slightly during the month of February.
According to the Pennsylvania Association of Realtors the median home price was $184,200, down 3.2% compared to $190,381 in January.
But PAR President Christopher Beadling, said homebuyers shouldn’t get too excited by the drop.
He noted that the figure represents the median price, which means there could have just been more lower priced homes selling during the month. That means that while more $180,000 homes sold that month, it doesn’t lower the price of the $1 million home.
“I’m certainly not prepared to call it a trend,” Beadling said. “It’s not indicative of what we’re seeing in our day-to-day business.”
He also noted that while median home price was lower than it was in January, it’s still up 4.3% compared to the same time last year.
There is another good statistic, however, for those searching to buy. Homes listed on the market were up 3.3% at 32,636 houses in February compared to 31,550 the month prior.
Still, Beadling said, this remains significantly fewer homes listed than just two years ago.
“The number of houses listed in February is nearly half compared to the high in 2020,” he said. “Most markets continue to see strong demand from potential homebuyers however the ongoing inventory shortage continues to be a hurdle.”
Home sales fell again in February, down 13% from January, reflecting the lack of inventory available. The commonwealth had 8,607 home sales in February, compared to 9,920 the month prior.
Unsold inventory remains at a little over a two-month supply, similar to market conditions across the country, with six months considered a balanced market.
Beadling said days on market for houses also remain in the single digits for most homes, which is keeping Realtors hopping and prices high.
“The supply side of the market is still unbalanced,” he said. “You’re going to see demand continue to drive up prices.”