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Pa. Housing prices up, sales down
Stacy Wescoe//December 21, 2022
House prices are rising again in Pennsylvania.
According to the Pennsylvania Association of Realtors, the median home sales price in November was $216,386. That’s up nearly 14% from November of last year and is up about 4% from the month prior, when the median price was $210,132.
At the same time, home sales dropped.
The PAR said home sales slid 10% in November to 9,663 compared to October and are down nearly 29% from November of last year.
“We’re seeing some shifts in the real estate markets throughout the state,” said PAR President Christopher Beadling. “The restricted inventory has kept home prices level or going up slightly. This limited number of homes on the market, as well as higher mortgage rates, has caused a slowing of sales. We have seen the mortgage rates come down in the past month, so that’s certainly good news for potential homebuyers.”
There were also less houses on the market.
The number of listings declined again last month to 34,894. That’s down 24.2% from November 2021.
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