The median sales price of homes in Pennsylvania inched up slightly last month amid continued shrinkage in available properties, according to data from the Pennsylvania Association of Realtors (PAR).
Last month, the median sales price in the Keystone State was $218,380, up slightly from $217,537 in October and unchanged from one year ago. There were 9,130 home sales in November, down from 9,975 in October and down 10% year-over-year. A total of 34,394 listings were on the market in November, down 22% from the previous year and down from about 7% from the previous month.
“The median sales prices have displayed remarkable stability this year,” said PAR President Al Perry. “Despite other economic variables, median prices have remained relatively steady, showing that owning a home is a great investment for building wealth. We’re still experiencing a challenging inventory situation. Interest rates have dropped slightly, which means more potential buyers may be entering the market. Many economists are predicting that the New Year will see some homeowners who will be ready to put their homes on the market.”
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