The number of home sales in Pennsylvania during December totaled 8,966, down from 9,130 in November and down 7.2% from 2022, according to new data from the Pennsylvania Association of Realtors (PAR), which also noted sales were down 25% compared to 2020.
The Keystone State’s housing market saw 29,215 listings in December, a 16% decline from 34,394 in November.
“Inventory has continued to be a challenge for potential homebuyers,” said PAR President Preston Moore. “Listings are down 21% compared to the previous year. In 2020, there was an annual average of 59,493 listings on the market and in 2023, the average number of listings dropped to 34,286. There was a 2.94 months’ supply of homes last month.”
The median price for the state dipped to $213,699 last month from $218,380 in November, although prices were up 9% from December 2022.
“The annual median home sales price has increased 25% since 2020,” Moore continued. “The median price was $168,152 in 2020 and has risen to $216,893 in 2023, illustrating how owning a home is a good, long-term investment to build generational wealth. The drop in sales is reflective of the overall low inventory. We’re still seeing strong interest from potential homebuyers since mortgage rates have declined slightly.”
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