LEMOYNE,
Pa., July 19, 2024 /PRNewswire/ -- 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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SOURCE Pennsylvania Association of Realtors