LEMOYNE, Pa., April 14, 2022 /PRNewswire/ — Home sales jumped 32% last month compared to the previous one in Pennsylvania, according to a report prepared for the Pennsylvania Association of Realtors®. The state saw 11,421 home sales in March, up from 8,607 in February and 9,920 in January. Home sales numbers are down 6.5% year-over-year.
“We are continuing to see a strong demand for homes and an increase in sales,” said PAR President Christopher Beadling. “However, inventory continues to be a challenge for those entering the homebuying market.”
The number of houses listed on the market has increased 12.4% since January to 35,497 last month. “We are encouraged to see more homes coming on the market, but it’s not enough to meet the demand, even with the uptick in mortgage rates,” Beadling added. “As we see warmer weather and COVID cases continue to fall, we believe more people will be comfortable listing their homes. The market typically sees increased activity through the spring and summer months.”
Market inventory remains low with just a 2.58 months’ supply, up slightly from earlier this year, but down 27.5% compared to last year.
The median sales price of all properties closed in March rose 7.38% to $197,787, compared to all properties closed in February and is up 10.5% from the same time last year.
“Knowing what to expect and being prepared are important for buyers beginning this process in today’s real estate market,” he added. “Your Realtor® understands market conditions and can help 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.
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SOURCE Pennsylvania Association of Realtors