PENNSYLVANIA HOUSING INVENTORY DECLINES IN NOVEMBER

News provided by

Pennsylvania Association of Realtors

Dec 16, 2021, 10:58 ET

LEMOYNE, Pa., Dec. 16, 2021 /PRNewswire/ -- The Pennsylvania housing inventory continued to trend downward in November, according to a housing market report prepared for the Pennsylvania Association of Realtors^®. Listings were down about 9% last month to 42,270, compared to 46,475 in October.

"The number of homes on the market is an ongoing challenge. We saw nearly 24% fewer listings last month compared to November last year," said PAR President Christopher Raad. "Many markets are still seeing multiple offers on homes accurately priced. Inventory levels are staying at about three months, which is down 33% over last year. For a balanced market, we'd like to see six months of inventory."

Prices remain solid throughout the commonwealth. The median sales price dipped slightly in November to $191,499, compared to $192,583 in October, however; the median price is up 10% over last year.

"Statewide, median home sale prices have fallen about 4% from $200,067 in August this year," he added. "Mortgage rates remain low, which has allowed many new buyers to enter the market."

Existing home sales continued to be steady with 13,813 in November, down 2.2% from October and down 3.6% over last year.

"When we compare this year's market to last year's, it's important to recognize that the market shut down for more than two months and we had extra activity later in the year as the market tried to catch up," Raad said.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 37,000 members in the commonwealth of Pennsylvania.

SOURCE Pennsylvania Association of Realtors