The February housing market remained steady compared to the prior month, according to a report prepared for the Pennsylvania Association of Realtors®.
“January and February reflected similar numbers across the board,” said PAR President Al Perry. “The number of listings on the market was down about 17% in February with just over 31,000, compared to the same time in 2022, while in January, listings were down about 16%. These challenging inventory conditions are commonplace across many markets.”
The number of homes sold was down in February, compared to the previous year. “As a result of the tight inventory situation and higher interest rates, we’re seeing sales numbers about 21% lower than the year before,” Perry said. “There’s a bit of a balancing of the market over the past several months between buyers and sellers. Interested buyers are finding there’s more room for negotiations than there was a year ago.”
The median home sales price rose slightly in February to $199,678, compared to $195,123 in January. “The median price was up about 7% compared to the same time in 2022,” he added.
