Pennsylvania home sales totaled 10,635 transactions in May, a 16% surge from April but also a 3.8% drop from one year earlier.
The Pennsylvania Association of Realtors (PAR) reported more than 41,000 listings were available in the state last month, up 12% on both a month-over-month and year-over-year measurements. The May housing market reflected a 4.26-month inventory – PAR noted that a balanced market has a six-month inventory.
The median sales price also climbed to $305,000 in May, up by 3% from the prior month and up 6% from one year earlier.
“More listings mean more opportunities for buyers to find the right home,” said Bill Lublin, PAR president and CEO of Century 21 Advantage Gold in the Philadelphia region. “And rising prices show that the market remains resilient, with buyers willing to invest in homeownership. The uptick in available homes is helping to balance the market. This environment benefits both buyers and sellers, creating more choices for buyers and maintaining strong home values for sellers.”
