Don’t expect home prices to cool down anytime soon, Pa. realtors say

The surge is due to a combination of factors, such as fewer homes having been built while millennials, one of the largest generations, hit their peak homebuying years.

“We’re seeing a lot of that generation jump into the marketplace,” said Al Perry, president of the Pennsylvania Association of Realtors. “We haven’t seen nearly as much housing come into production as the market demands.”

Perry saw one client get outbid after offering $5,000 over asking price for a Philadelphia condo, losing out to an all-cash buyer.

In New Jersey, the median sale price for a single family home was $500,000, up from $490,000 last May. In Delaware, the median sale price was $363,000, up from $361,950 in May 2022. The median home sale price nationwide was $396,100, down 3.1% compared to a year ago.

New home listings across Pennsylvania are down by 23% compared to last May. There were 36,146 listings statewide compared to 47,149 in May 2022, according to the Pennsylvania Association of Realtors data.

There were 7,371 new single family home listings, down from 10,330 in May 2022, New Jersey Realtors data shows. Likewise, there were 1,512 new home listings across Delaware, down from 1,755 in May 2022, according to the Delaware Association of Realtors Data.

Across Pennsylvania, there were 10,967 units sold last month, down from 13,269 in May 2022, data shows. In New Jersey, 4,999 single family homes were sold statewide, down from 6,526 in May 2022. In Delaware, 1,238 homes were sold, compared to 1,478 last April. Nationwide, home sales dropped 20% compared to May 2022.