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.
After talking with many members during PAR’s Business Meetings last week, I’ve heard that the market across Pennsylvania continues to be robust. And like much of the country, we’re seeing prices hit record highs.
The Pennsylvania market also saw a gradual increase in the number of listings from January to May this year. The number of listings in May was 38,974, compared to 31,550 in January.
That’s great news for buyers, however, we’re still down 25.5% from the same time last year. And as you know, that continues to be a challenge for homebuyers entering the market with just under three months of inventory available. Of course, we’d like to see closer to six months of inventory to be closer to a balanced market.