PENNSYLVANIA MEDIAN HOME PRICE FELL 3% IN FEBRUARY

News provided by

Pennsylvania Association of Realtors

Mar 15, 2022, 15:22 ET

LEMOYNE, Pa., March 15, 2022 /PRNewswire/ -- The Pennsylvania housing market saw more homes on the market in February compared to January, while sales fell slightly, according to a report prepared for the Pennsylvania Association of Realtors®.

Homes listed on the market were up 3.3% at 32,636 houses in February compared to 31,550 the month prior, however this remains significantly fewer homes listed than just two years ago.

"The number of houses listed in February is nearly half compared to the high in 2020," said PAR President Christopher Beadling. "Most markets continue to see strong demand from potential homebuyers however the ongoing inventory shortage continues to be a hurdle."

Home sales fell again in February, down 13% from January reflecting the lack of inventory available. The commonwealth had 8,607 home sales in February, compared to 9,920 the month prior.

Unsold inventory remains at a little over a two-month supply, similar to market conditions across the country, with six months considered a balanced market.

In February, the median home price was $184,200, down 3.2% compared to $190,381 in January, but up 4.3% compared to the same time last year.

"Consumers looking to purchase a home will see prices leveling somewhat as mortgage rates are rising," Beadling added. "Getting preapproved for a loan so you know what you can afford will help you be prepared so when you find the home of your dreams, you're able to react quickly. Your Realtor® will be able to guide you through this process."

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.

SOURCE Pennsylvania Association of Realtors