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Pennsylvania home prices dip as national price increases continue
Stacy Wescoe//August 22, 2024//
Listen to this articlePennsylvania’s housing market fluctuated slightly in July, according to a report prepared for the Pennsylvania Association of Realtors.
Last month, the median home sales price decreased less than 2% to $307,750 compared to $312,000 in June. The price is up 7% compared to July 2023.
Meanwhile, the National Association of Realtors reports that the median existing-home sales price rose 4.2% from July 2023 to $422,600, the 13th consecutive month of year-over-year price gains.
The number of homes sold rose in Pennsylvania by several hundred to 11,575 in July, which was up 9.6% year over year.
Meanwhile, nationally existing-home sales grew 1.3% in July to a seasonally adjusted annual rate of 3.95 million, stopping a four-month sales decline that began in March. However, sales slipped 2.5% from one year ago
Inventory remained steady across Pennsylvania, with nearly 38,000 listings in July, which was up less than 1% from July 2023.
The report showed inventory was at 3.92 months, up nearly 9% from the same time last year. The PAR noted that a balanced market is considered six months of inventory.
“We’re starting to see a slight reduction in mortgage rates, which should be helpful to those entering the market,” said PAR Incoming President Bill Lublin. “Prices have continued to increase or remain steady throughout the first half of the year and prices are up about 7% from the same time last year.”
