LEMOYNE, PA — Pennsylvania’s housing market experienced minor fluctuations in July, as detailed in a report prepared for the Pennsylvania Association of Realtors®. The median home sales price edged down slightly by less than 2% to $307,750 from June’s $312,000. However, this figure marks a 7% increase compared to July 2023, indicating continued annual growth in home values.
Home sales in the state rose to 11,575 in July, reflecting a year-over-year increase of 9.6%. This uptick in sales volume highlights a steady demand for housing, even as the number of available listings hovered around the 38,000 mark. Inventory showed a modest increase of less than 1% from the previous year, reaching an inventory level of 3.92 months, which is still below the six-month benchmark typically seen as a balanced market.
Bill Lublin, the Incoming President of PAR, commented on the market dynamics, noting, “We’re starting to see a slight reduction in mortgage rates, which should be helpful to those entering the market.” He emphasized that prices have either risen or remained stable throughout the year, reinforcing the market’s resilience.
Lublin also underscored the critical role Realtors® play in navigating these market conditions. “Realtors® are trusted professional advisors who help their clients avoid costly pitfalls and prevent risk in real estate transactions,” he stated. Realtors® bring extensive local market knowledge and offer valuable insights to both buyers and sellers.
The report also highlighted two significant changes affecting buyer agents. Offers of compensation in multiple listing services are now prohibited. However, consumers can still negotiate compensation terms through direct consultation with real estate professionals. Additionally, buyers must sign a written agreement with an agent before touring homes, a move that aims to formalize and clarify the buyer-agent relationship.
Overall, Pennsylvania’s housing market in July showed signs of stability with a slight cooling in prices but increased sales activity, suggesting a cautiously optimistic outlook for buyers and sellers. These market conditions, coupled with evolving industry practices, present both opportunities and challenges for consumers and professionals alike.
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