PENNSYLVANIA HOME SALES INCREASE 32% IN MARCH

LEMOYNE, Pa., April 14, 2022 /PRNewswire/ — Residence gross sales jumped 32% final month in comparison with the earlier one in Pennsylvania, in accordance with a report ready for the Pennsylvania Affiliation of Realtors®. The state noticed 11,421 dwelling gross sales in March, up from 8,607 in February and 9,920 in January. Residence gross sales numbers are down 6.5% year-over-year.

“We’re persevering with to see a robust demand for houses and a rise in gross sales,” stated PAR President Christopher Beadling. “Nevertheless, stock continues to be a problem for these getting into the homebuying market.”

The variety of homes listed available on the market has elevated 12.4% since January to 35,497 final month. “We’re inspired to see extra houses coming available on the market, nevertheless it’s not sufficient to fulfill the demand, even with the uptick in mortgage charges,” Beadling added. “As we see hotter climate and COVID circumstances proceed to fall, we consider extra folks might be comfy itemizing their houses. The market sometimes sees elevated exercise by the spring and summer time months.”

Market stock stays low with only a 2.58 months’ provide, up barely from earlier this yr, however down 27.5% in comparison with final yr.

The median gross sales value of all properties closed in March rose 7.38% to $197,787, in comparison with all properties closed in February and is up 10.5% from the identical time final yr.

“Realizing what to anticipate and being ready are necessary for consumers starting this course of in right now’s actual property market,” he added. “Your Realtor® understands market situations and might help information you thru this course of.”

The Pennsylvania Affiliation of Realtors® is a commerce/skilled affiliation that serves greater than 39,000 members within the commonwealth of Pennsylvania. 

SOURCE Pennsylvania Affiliation of Realtors