LEMOYNE, PA — Pennsylvania’s housing market in September revealed a slight dip in median home sales prices alongside an encouraging rise in available inventory, offering potential hope for buyers amid competitive conditions. According to a report prepared for the Pennsylvania Association of Realtors®, these shifts could signal a gradual balancing in the state’s real estate landscape.
In September, the median price for residential properties decreased to $295,000, marking a 3% decline from August. Despite this drop, the price remains 9% higher compared to the same month last year. Concurrently, the number of active listings increased by 3% from August, reaching nearly 38,800. This figure represents a more than 28% rise since January and marks the highest inventory level seen this year.
However, home sales dipped to 9,538 units in September, reflecting a 6.5% decrease from August.
Bill Lublin, president-elect of the Pennsylvania Association of Realtors®, commented on the developments: “While price adjustments have been modest, the increase in inventory is a positive sign for buyers who have faced limited options and competitive bidding over the past year.” He noted that more homes entering the market indicate a shift toward a more balanced housing environment.
In addition to market changes, new real estate regulations require homebuyers to sign a written agreement with their agent before viewing a property. Lublin advised consumers to ensure that these agreements clearly detail the negotiated terms and services provided, urging potential buyers to work closely with real estate professionals to fully understand their options.
As the housing market evolves, these trends and regulatory updates offer both challenges and opportunities for homebuyers and sellers in Pennsylvania.
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