The median home sales price continued to inch upward in March, according to a report prepared for the Pennsylvania Association of Realtors®.
The median sales price has risen since January, to $200,787 in March, up about 2%. The price is also about 2% higher than it was the same time last year.
“We’ve continued to see a steady demand in the housing market throughout the state despite the higher interest rates we’ve seen over the past year,” said PAR President Al Perry. “With the recent mortgage rate decreases in the past several weeks, current buyers will see a savings on their monthly payments.”
The number of homes sold was up compared to the previous month at more than 9,700, but that number declined more than 17% year over year.
“The number of listings was up slightly in March over February, but we continue to see significantly fewer listings compared to last year,” Perry noted. “We’re down about 20% over the same time last year, which has resulted in fewer sales this year. And listings are down about 58% since March 2020.”
“The bottom line is real estate is still a strong investment,” Perry said. “Over time, your homeownership investment will continue to pay you dividends.”
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 39,000 members in the commonwealth of Pennsylvania.
SOURCE Pennsylvania Association of Realtors