LEMOYNE, Pa., Oct. 22, 2024 - Pennsylvania's September housing market showed a modest decline in the median home sales price and an increase in available inventory suggesting potential relief for buyers trying to enter the market, according to a report prepared for the Pennsylvania Association of Realtors®.
In September, the median sales price for residential properties fell slightly to $295,000, down 3% from August. The September price is up 9% compared to September last year.
At the same time, housing inventory showed signs of improvement, with the number of active listings rising 3% compared to August. There were nearly 38,800 listings in September, which is up more than 28% in comparison to January of this year. In fact, the inventory last month was the highest it has been compared to all of 2023.
Home sales declined last month to 9,538 from August and are down 6.5% compared to September 2023.
"While price adjustments have been modest, the increase in inventory is a positive sign for buyers who have faced limited options and competitive bidding over the past year," said Bill Lublin, PAR president-elect. "With more homes coming onto the market, we're seeing a gradual shift toward a more balanced housing landscape."
Recent changes in the real estate industry require homebuyers to sign a written agreement with their agent before touring a home. Consumers should ensure that the agreement reflects the terms they have negotiated with their agent, and that consumers understand exactly what services and value will be provided and for how much, before signing the agreement.
"What is important to remember is that agents who are Realtors® are able to assist both buyers and sellers navigating the homebuying and selling process. Work with your real estate professional to understand the choices you have when buying a home to help decide what best meets your needs," Lublin added.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.
SOURCE Pennsylvania Association of Realtors(R)
