Pennsylvania home prices rise again

Pennsylvania’s median home sales price climbed to $219,154 in July, up almost $3,000 from June, according to a report prepared for the Pennsylvania Association of Realtors.

Meanwhile, activity continues to slow. Closed sales totaled 13,096 last month, down 19.4% from July 2021.

“Median home sales price is up about 10% compared to last year at this time, as the commonwealth continues to see rising prices in most markets throughout the state,” Pennsylvania Association of Realtors President Christopher Beadling said in a release. “Higher prices in combination with increased mortgage rates is causing an affordability issue for some potential homebuyers.”

Beadling noted that the number of listings was about the same for June and July, and is down more than 20% year over year.

“We’re still seeing strong demand for homes in most markets and competition for those properties,” Beadling said. “However, conditions are making it harder for first-time buyers … . Some of the buyers I’ve been working with have made offers on multiple properties over a longer period of time before they’ve been successful.”

Paula Wolf is a freelance writer