Pennsylvania Home Prices Continue to Inch Upward

LEMOYNE, Pa. , Dec. 19, 2022 /PRNewswire/ -- The median home sales price in Pennsylvania rose again in November, according to a report prepared for the Pennsylvania Association of Realtors®. The median existing home sales price last month was $216,386, up nearly 14% year over year and up about 3% from October's median price of $210,132.

Home sales slid 10% in November to 9,663 compared to October and are down nearly 29% over the same period last year.

"We're seeing some shifts in the real estate markets throughout the state," said PAR President Christopher Beadling. "The restricted inventory has kept home prices level or going up slightly. This limited number of homes on the market, as well as higher mortgage rates, has caused a slowing of sales. We have seen the mortgage rates come down in the past month, so that's certainly good news for potential homebuyers."

The number of listings declined again last month to 34,894, down 24.2% year over year.

"As consumers decide to enter the market, now more than ever, working with a Realtor® is crucial to navigating this changing market," Beadling added. "Realtors® understand local market conditions and can help set expectations for both buyers and sellers who want to enter the market."

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.

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SOURCE Pennsylvania Association of Realtors