The Pennsylvania median home price fell slightly to $192,582 in October, compared to the previous month, according to a statewide report prepared for the Pennsylvania Association of Realtors®. However, the median price is still nearly 10% higher compared to the same time last year.
“Home prices remain strong despite a small dip the last two months,” said PAR President Christopher Raad. “The median price hit the highest in June at just over $203,000 this year and has leveled off since then.”
The number of listings continues to be a challenge in most housing markets throughout the state.
Listings fell about 5% in October compared to September but are down 22% from last year at the same time.
“We’re seeing about a 3.31-month inventory rate, which is down about 34% lower compared to last year,” Raad said. “National indicators show that more inventory could be available in the coming months, thanks to new housing construction.”
“Home sales remained steady over the past several months as well, but are down about 15% compared to last year, although the high market sales last year were a residual effect of the pandemic shutdown,” he added. “We continue to advise homebuyers that working with a Realtor®, being preapproved for a mortgage and being ready to act quickly will help them be more competitive in today’s housing market.”