Pennsylvania
Pennsylvania Median Home Sales Price Holds Steady in August
LEMOYNE, Pa., Sept. 20, 2024 /PRNewswire/ — Pennsylvania’s August housing market remained steady, reflecting consistent prices, demand and supply levels, according to a report prepared for the Pennsylvania Association of Realtors®. In August, the median home sales price remained about the same as July, at $305,000. The price is up 7% compared to August 2023, when the price was $285,000.
The number of homes sold was constant at 11,514 in August, which was down just 1% year over year. Listings in August were at 37,664, up 3.5% over the same period last year.
“We’ve been seeing stable prices and inventory at the state level, although conditions may vary somewhat in local marketplaces,” said PAR President-elect Bill Lublin. “We continue to see multiple offers on properties, although fewer numbers than we were seeing a year ago. Though the market is still very competitive, more houses offer buyers more opportunities and, with professional guidance, more success.”
Working with a real estate professional can help both buyers and sellers achieve their goals, but not all real estate professionals are Realtors®. “A Realtor® is a professional who has pledged specifically to work in your best interest,” Lublin said. “And that’s crucial when you’re buying a home, which is one of the largest purchases a person makes in their lifetime.”
Last month, changes to the homebuying process took effect. “Before touring a home with a buyer agent, either in-person or virtually, consumers must enter into a written agreement with that agent outlining the agent’s fees and services,” Lublin added.
Written buyer agreements are not new to Pennsylvania. The written agreement outlines the services the agent will provide and the compensation for those services. Compensation remains negotiable.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.
SOURCE Pennsylvania Association of Realtors(R)
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The war with Iran could start impacting your wallet as soon as today.
Jim Garrity from AAA East Central says oil prices are up.
“They’re hovering around $72. They were pretty consistently around $65, $66 for a while,” he said.
Nationally, AAA said the average for a gallon of regular sits at about $3, up approximately six cents from last week.
In Pennsylvania, it’s around $3.12 a gallon, and in the Pittsburgh region, it’s around $3.24 a gallon. That’s actually down about four cents from last week.
Garrity added that gas prices this time of year would already be increasing, usually because of higher demand for the warmer months and the production of the summer blend of gas used for those months.
The impacts of what’s happening in Iran may not be immediate, which could be part of why our region and the state overall have not seen a spike yet, he said.
“It could be a couple of days later. It could be up to a week later,” Garrity said.
A lot of people are watching what happens with the Strait of Hormuz. Iran borders it to the north, and 20% of the world’s oil goes through it.
Iran is one of the world’s biggest oil producers, and China gets a lot of that oil.
“If there is an impact there, you could see oil start to come in from other parts of the world, which has a downstream effect on [the United States],” Garrity said.
One way you can save on gas if prices increase in our area is by slowing down.
“When you drive faster every five miles, over 50 miles an hour, your fuel efficiency is going down,” Garrity said. “You’re making the car work harder, making the gasoline consumption less effective.”
Garrity added that in 2022, when our area and many others saw some of the highest gas prices ever recorded, people changed their driving habits.
“We saw people make seemingly permanent changes to their driving behaviors, driving less in general, consolidating trips,” he said.
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