LEMOYNE,
Pa., June 19, 2024 /PRNewswire/ -- The median
home sales price surged to $295,000
in Pennsylvania in
May, according to a report prepared for the Pennsylvania
Association of Realtors®. Up more than 5%, the state's median home
sales price rose from $280,000 in
April 2024 and was up 8.2% compared
to May 2023.
"The Pennsylvania market is
seeing median home sales prices continue to increase and reach new
highs. Compared to May of 2020, prices are up more than 75%," said
Pennsylvania Association of Realtors® President Preston Moore. "Realtors® across the
commonwealth are experiencing a robust demand for housing. And
while the number of listings on the market has increased, the
market continues to experience a limited supply of homes."
The number of listings on the market swelled to 37,463 in May,
up about 5% from the previous month, but down more than 5% compared
to the same time last year. The number of homes listed is down 40%
compared to May of 2020.
"The increased home sales reflected the expanded inventory
numbers in May," Moore said. "Home
sales across the state advanced nearly 15% in May compared to the
previous month and are up 2.5% from May
2023."
Moore underscored the critical role of professional Realtors®
for homebuyers and sellers as they navigate the real estate
market.
"Realtors® help their clients avoid costly pitfalls and prevent
risks in the real estate transaction," he said. "They advise their
clients in making, evaluating and negotiating offers, while helping
clients keep their personal objectives at the forefront during what
oftentimes is an emotionally intense decision."
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