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Housing prices up, sales down across Pennsylvania
Stacy Wescoe//May 18, 2023
Housing prices continue to surge across the state.
According to the Pennsylvania Association of Realtors, the median sales price has been going up consistently since January, hitting $210,453 in April.
That’s up around 7.5% since the beginning of the year and is 2.5% higher year over year.
“Spring is traditionally considered a favorable time to buy a home with milder weather making it easier for potential buyers to view properties and explore neighborhoods,” said PAR President Al Perry. “Many families prefer to move during the summer months while school is out.”
One bit of good news, among struggles with low housing inventory in the state, the number of listings increased around 6% in April to 35,458.
However, housing inventory is still down nearly 20% compared to April of last year.
“Despite various challenges in the housing market, there’s a continued strong demand from homebuyers, showing their desire for homeownership,” Perry said. “Many markets are seeing multiple offers on well-priced properties.”
While inventory ticked up, home sales were down slightly from the previous month to just over 9,000 and are around 25% less than at the same time last year.
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