According to a report prepared for the Pennsylvania Association of Realtors, the February housing market remained steady compared to the prior month.
“January and February reflected similar numbers across the board,” said PAR President Al Perry. “The number of listings on the market was down about 17% in February with just over 31,000, compared to the same time in 2022, while in January, listings were down about 16%. These challenging inventory conditions are commonplace across many markets.”
The number of homes sold was down in February, compared to the previous year. “As a result of the tight inventory situation and higher interest rates, we’re seeing sales numbers about 21% lower than the year before,” Perry said. “There’s a bit of a balancing of the market over the past several months between buyers and sellers. Interested buyers are finding there’s more room for negotiations than there was a year ago.”
The median home sales price rose slightly in February to $199,678, compared to $195,123 in January. “The median price was up about 7% compared to the same time in 2022,” he added. “Overall, we’ve been seeing a bit of a balancing of the market over the past several months between buyers and sellers. In my market, interested buyers are finding more room for negotiations than a year ago. And buyers seem more willing to ask for some concessions when making an offer.”
Click here to read the full report from the Pennsylvania Association of Realtors.
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