LEMOYNE, Pa., July 19, 2024 -- Pennsylvania's median home sales price rose again for the fifth month in a row since January, according to a report prepared for the Pennsylvania Association of Realtors®. In June, the median home sales price increased nearly 6% to $312,000, up from $295,000 the previous month. The price was up nearly 6% compared to June 2023.
"One of the primary reasons we're continuing to see rising home prices is due to the limited supply of available homes," said PAR Incoming President Bill Lublin. "The number of listings has increased steadily since the beginning of the year; however, the overall inventory is insufficient to meet the demand. This imbalance pushes prices up as buyers compete for the limited properties available."
The number of homes listed on the market jumped about 1,000 units to 38,149 in June, which is about the same compared to June 2023. Sales remained level from May to June, with 11,010 transactions.
Lublin emphasized the importance of working with a Realtor® who can assist consumers as they navigate the housing market.
"Realtors® are experts who know the language, steps and requirements of real estate transactions," he said. "They're informed about the intricacies of their markets and utilize the power of their experience to benefit their clients."
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.
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