Pennsylvania Median Home Sales Price at $307,750 in July
There’s been plenty of speculation about what the recently enacted changes resulting from the National Association of Realtors® settlement will have on the real estate market. As you know, the changes involve eliminating offers of cooperating compensation on the MLS and requiring a buyer to enter into a written agreement with an agent before the buyer can tour a home.
With over 40 years of industry experience, I’ve witnessed numerous changes and learned how well real estate professionals adapt. As we navigate these changes, I am confident that we will continue to provide excellent guidance to consumers in buying, selling, leasing or renting real property.
The most recent numbers from the Pennsylvania Association of Realtors®’ monthly housing report show the state’s housing market fluctuated slightly in July. Last month, the median home sales price decreased less than 2% to $307,750 compared to $312,000 in June. The price is up 7% compared to July 2023.
The number of homes sold rose by several hundred to 11,575 in July, which was up 9.6% year over year.
Inventory remained steady as well, with nearly 38,000 listings in July, which was up less than 1% from July 2023. The report showed inventory was at 3.92 months, up nearly 9% from the same time last year. A balanced market is considered six months of inventory.
We’re starting to see a slight reduction in mortgage rates, which should be helpful to those entering the market. Prices have continued to increase or remain steady throughout the first half of the year, and prices have risen about 7% from the same time last year.
Realtors® are trusted professional advisors who help their clients avoid costly pitfalls and prevent risk in real estate transactions. They’re knowledgeable about their local markets and can provide valuable insight as they navigate the process of buying or selling a home.
Topics
Share this post
Member Discussion
Recent Articles
-
PAR Honors Three Dedicated Realtors®
- September 19, 2024
- 4 min. read
Sherrie Miller received the Lifetime Achievement Award, Helen Miernicki received the Realtor® of the Year Award and Glenn Yoder received the Realtor® Active in Politics Award.
-
More Seniors Struggle Financially, Consider Roommates
- September 18, 2024
- 2 min. read
Struggling with high levels of debt and expensive housing costs, many seniors are becoming more receptive to living with roommates.
-
Hispanic Heritage Month: 2025 NAHREP Philly President Shares Story
- September 17, 2024
- 5 min. read
Sept. 15 through Oct. 15 marks National Hispanic Heritage Month, which celebrates the histories, cultures and contributions of Americans whose ancestors came from Spain, Mexico, the Caribbean and Central and South America. PAR begins the month by recognizing Jose Correa, a Realtor® for nine years.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.