Pennsylvania’s median home sales price recorded a year-over-year uptick for the fifth consecutive month, according to data from the Pennsylvania Association of Realtors (PAR).
Last month, the median home sales price increased to $312,000, up from $295,000 in both the previous month and one year earlier. Also on the rise were the number of homes listed on the market – 38,149 properties, roughly 1,000 units more than in June 2023.
However, sales were on the downswing with 11,010 transactions in June, a 13.3% drop from 12,689 from one year earlier.
“One of the primary reasons we’re continuing to see rising home prices is due to the limited supply of available homes,” said PAR Incoming President Bill Lublin. “The number of listings has increased steadily since the beginning of the year; however, the overall inventory is insufficient to meet the demand. This imbalance pushes prices up as buyers compete for the limited properties available.”
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