Homebuyers continue to face inventory and price challenges in the Pennsylvania housing market, according to a recent report from the Pennsylvania Association of REALTORS® (PAR). Listings dropped 14% in April compared to March this year and were down 33% compared to the same time last year.
“Like most areas of the country, Pennsylvania has lots of consumers interested in purchasing a home, but the market has a shortfall of available properties,” said Christopher Raad, PAR president. “We’ve seen a steady decline in inventory since July last year. There was a slight uptick when our market reopened after the pandemic shutdown, but there aren’t enough homes to meet current buyer demand.”
“We continue to see less than a two-month supply available, which makes it challenging for every level of the market. Homeowners who are able sell their property quickly then often have a dilemma finding a place to move to,” he added.
The report shows sales were up 38% in April 2021 compared to the same time last year, which reflects the effect last year’s shutdown had on the market. They were also up slightly over March of this year.
“Prices have consistently increased as the inventory has shrunk,” Raad said. “The median sales price for April was $183,820, 11% higher than the same time last year.”
“Working with a trusted real estate professional as you make one of the largest investments in your life is so important during this market. REALTORS® help you understand the steps in the transaction, whether you’re buying or selling,” he added.
Source: www.parealtors.org
