LEMOYNE, Pa., Feb. 21, 2024 /PRNewswire/ — The median home sales price in Pennsylvania was $198,102 in January, up 2.4% year over year, according to a report prepared for the Pennsylvania Association of Realtors®. However, the price fell about 7.5% compared to December 2023.

“Home prices remained steady throughout last year and we expect to see the same in 2024, which means homeowners are seeing positive results on their investment in a home,” said PAR President Preston Moore.

Listings dropped nearly 20% compared to the same time last year. There were 29,150 listings reported in January, similar to the number of listings in December.

“The real estate market often sees a bit of a seasonal shift during the winter months, with the inclement weather,” Moore noted. “With mortgage rates falling slightly, we typically can expect to see activity pick up in the spring.”

There were 6,790 sales in January, down about 3.4% from January 2023. Sales fell about 27% from the 8,996 sales in December.

“The lower number of sales reflects the lower inventory levels seen in many markets across the commonwealth,” he said. “There are many potential homebuyers in the market, however the challenge continues to be finding a home that meets their needs.”

“Most consumers work with a Realtor®, because they recognize that technology is no substitute for an expert who can help them navigate the homebuying and selling transaction,” Moore added.

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