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With low inventory Pennsylvania housing prices continue to rise
Stacy Wescoe//March 21, 2024//
Listen to this articleHousing prices are increasing again in Pennsylvania.
According to the latest report from the Pennsylvania Association of Realtors, the median home sales price rose to $205,235 in February. That’s 3.7% higher than February of last year and is 3.5% higher than January 2024.
Inventory remains a problem. The number of homes listed on the market dropped 15.7% in February to 30,785 compared to 36,507 in February 2023.
“The ongoing inventory challenge and consumer demand is keeping home prices up in Pennsylvania,” according to PAR President Preston Moore. “Many markets are seeing multiple offers on mid-priced homes and the homes are selling within 30 days.”
Home sales in February hit 6,934, up from the previous month’s sales of 6,790.
“The market is continuing to see about three months’ worth of inventory, which is about half of what the industry considers a balanced market,” Moore said. “Inventory levels in the $125,000 to $374,999 range are below a three-month supply, which adds to the complexity of the market for first-time homebuyers.”
