LEMOYNE, Pa., Sept. 22, 2023 (Realty Wire) — The number of home sales in Pennsylvania rose 11% from July to August, according to a report prepared for the Pennsylvania Association of Realtors®. However, the total number of sales is down 17% compared to the same time last year, with nearly 11,700 sales in August.
“The summer real estate market has remained strong for home sales this year. We’re pleased to see the uptick in sales last month, but consumers continue to face a tight market inventory. There are simply not enough homes on the market to meet demand, particularly in the starter home price range,” said PAR President Al Perry. “It’s a situation real estate markets across Pennsylvania and the country are experiencing for a number of reasons. The housing industry has underbuilt for more than a decade and isn’t able to meet the growing demand. We have many millennials entering the homebuying phase of their lives and older homeowners are remaining in their homes longer.”
Perry added, “Many homeowners took advantage of historically low interest rates over the past few years. Today, those same homeowners have to weigh their existing rates against significantly higher rates they would incur in a trade-up home purchase. Entry level housing sales depend on these trade-up purchases to make housing inventory available to first-time buyers. Many of those trade ups aren’t taking place in this current market.”
The median home sale price decreased slightly in August to $223,131 from $225,278 in July.
“Home prices in Pennsylvania have remained strong and are up about 5% over last year,” Perry said. “Owning a home continues to be a great long-term investment to help build wealth.”
“Having a knowledgeable and experienced Realtor® by your side can help increase your chances of finding the right home in today’s market,” he added. “Realtors®’ local market expertise and negotiation skills help ensure you get the best possible price and terms and protect your interests during the transaction.”
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.