LEMOYNE, Pa., July 18, 2022 /PRNewswire/ -- The Pennsylvania median home sales price hit $216,187 in June, up about $5,000 from May, according to a report prepared for the Pennsylvania Association of Realtors®. That’s also up 6.2% compared to the same time last year.
“Median home sales prices are climbing in local markets throughout the commonwealth, with some areas marking record highs,” said PAR President Christopher Beadling. “This continues to be a supply-and-demand issue. With listings down about 23% from last year, prices are going up because there’s still a demand for homes.”
The number of homes sold in June is up compared to May, with 14,182 properties sold, which is down 16% year over year.
Rising mortgage rates have had some effect on what properties buyers may be able to afford, Beadling noted.
“We’re still seeing multiple offers on properties, but not as many that are 10% or more over asking. The inventory supply is just under three months, which means we’re still not in a balanced market and demand is exceeding what’s available,” he added.
“Navigating this market is challenging. Consumers who want to purchase a home should find a real estate professional, evaluate their home needs, get preapproved for a mortgage, make the best offer and have patience,” Beadling added.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.