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Pennsylvania housing market may be easing for buyers
Stacy Wescoe//October 23, 2024//
Listen to this articleIs there relief on the way for homebuyers in Pennsylvania?
Maybe, said the Pennsylvania Association of Realtors.
According to PAR’s latest report, Pennsylvania’s September housing market showed a modest decline in the median home sales price and an increase in available inventory, which could suggest a potential relief for buyers trying to enter the market.
In September, the median sales price for residential properties fell slightly to $295,000, down 3% from August. The September price, however, is up 9% compared to September last year.
Housing inventory also showed signs of improvement, with the number of active listings rising 3% compared to August. There were nearly 38,800 listings in September, which is up more than 28% in comparison to January of this year.
The inventory last month was the highest it has been compared to all of 2023.
Home sales, however, declined last month to 9,538 from August and are down 6.5% compared to September 2023.
“While price adjustments have been modest, the increase in inventory is a positive sign for buyers who have faced limited options and competitive bidding over the past year,” said Bill Lublin, PAR president-elect. “With more homes coming onto the market, we’re seeing a gradual shift toward a more balanced housing landscape.”
