PENNSYLVANIA MEDIAN HOME SALES PRICE JUMPS IN JULY

LEMOYNE, Pa., Aug. 19, 2022 /PRNewswire/ — The median residence gross sales value in Pennsylvania rose once more in July, in line with a report ready for the Pennsylvania Affiliation of Realtors^®. The median gross sales value was $219,154, up a number of thousand {dollars} from June.

“The median residence gross sales value is up about 10% in comparison with final 12 months at the moment, because the commonwealth continues to see rising costs in most markets all through the state,” mentioned PAR President Christopher Beadling. “Greater costs together with elevated mortgage charges is inflicting an affordability problem for some potential homebuyers.”

There have been 13,096 houses bought in July, down barely from June and down about 19% from the earlier 12 months.

“The variety of listings remained about the identical for June and July, which is down about 20% 12 months over 12 months with about three months stock,” he added.

“We’re nonetheless seeing sturdy demand for houses in most markets and competitors for these properties,” Beadling mentioned. “Nonetheless, circumstances are making it tougher for first-time patrons to enter the market.”

“A few of the patrons I have been working with have made affords on a number of properties over an extended time period earlier than they have been profitable,” he continued. “Reaching the dream of homeownership remains to be attainable, it simply requires endurance. Realtors^® are capable of assist homebuyers and sellers plan for his or her success.” 

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