PENNSYLVANIA MEDIAN HOME SALES PRICE UP $25,000 SINCE JANUARY

LEMOYNE, Pa., July 18, 2022 /PRNewswire/ — The Pennsylvania median dwelling gross sales value hit $216,187 in June, up about $5,000 from Could, in line with a report ready for the Pennsylvania Affiliation of Realtors®. That is additionally up 6.2% in comparison with the identical time final yr.

“Median dwelling gross sales costs are climbing in native markets all through the commonwealth, with some areas marking document highs,” stated PAR President Christopher Beadling. “This continues to be a supply-and-demand challenge. With listings down about 23% from final yr, costs are going up as a result of there’s nonetheless a requirement for houses.”

The variety of houses offered in June is up in comparison with Could, with 14,182 properties offered, which is down 16% yr over yr.

Rising mortgage charges have had some impact on what properties consumers might be able to afford, Beadling famous.

“We’re nonetheless seeing a number of affords on properties, however not as many which might be 10% or extra over asking. The stock provide is just below three months, which suggests we’re nonetheless not in a balanced market and demand is exceeding what’s obtainable,” he added.

“Navigating this market is difficult. Shoppers who need to buy a house ought to discover a actual property skilled, consider their dwelling wants, get preapproved for a mortgage, make the perfect supply and have endurance,” Beadling added.

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