PA Association of Realtors, Median Home Sales Price Continues to Climb

The median home sales price in the commonwealth jumped again in May, according to a report prepared for the Pennsylvania Association of Realtors®. The median price of all homes sold in Pennsylvania last month was $211,192, compared to $204,274 in April and up 12.8% over the same time last year.

“The real estate market across Pennsylvania is robust. Like much of the country, we’re seeing prices hit record highs,” said PAR President Christopher Beadling.

“We’ve seen a gradual increase in the number of listings from January to May this year,” he said. “While that’s great news for buyers, we’re still down 25.5% from the same time last year. That continues to be a challenge for homebuyers entering the market with just under three months of inventory available. Usually six months is considered a balanced market.”

The number of listings in May was 38,974, compared to 31,550 in January.

Pennsylvania also saw an increase in the number of sales last month, unlike much of the country where existing-home sales fell the last several months,” Beadling said. “Those selling their homes are continuing to see multiple offers, however that has slowed somewhat with the higher mortgage rates.”

There were 12,550 home sales in May, compared to 11,373 in April. Sales were down 7.4% compared to last year.